Although I haven’t seen it phrased that way before, colleges do admit students they feel will be the most successsful. The better they are at making that prediction, the higher their retention and graduation rates will be. The question then is whether you want to use retention and graduation rates as criteria for judging a school since it encourages schools to be more selective rather than more inclusive. What would be nice is a measure of how successful a school is with students they expect to fail. This is why sub-group analysis is important.
Graduation Rates by Selectivity: Freshmen, 2007 http://highereddatastories.blogspot.com/2016/02/graduation-rates-by-selectivity.html
(And yes, this is a post from the blog I posted about a few weeks ago.)