I see this more as a way to answer the question of things like the maintainers of OpenSSL or sudo. One approach is to fund the "project" and let it deal with all of these questions. Another approach would be to fund the people themselves. So, have a faculty of expert software maintainers, vetted by the governance structure of the OSE. Within that faculty, you could have "adjuncts" and "residents" who have a time-bound grant and set of obligations. If they are successful and their work continues to be relevant, they could eventually apply for one of a defined set of "tenured" positions. Those positions would guarantee them independence and a stable source of income in order to continue their role as a maintainer.
The goal of this "faculty" would be sustainable OSS maintenance (which involves both leadership and contribution), rather than publishing research and teaching classes. So, similar overall structure and approach, but differing goals.
Tenured professors are not engaged in commercial product development.
OSS isn't commercial, per se.
Universities "ship" plenty of "products":
Doesn't this apply only to for-profit products? There's plenty of 501c3's with free "products".
For reference: This is exactly what happened to the Yorba Foundation, and numerous others since then.[1]
[1] https://www.stradley.com/business-vantage-point-blog/irs-con...