There are other ways that MOOCs may convert non-matriculated individuals into enrolled students (and hence drive demand for faculty).  MOOCs may be on the cusp of rewiring the admissions funnel for graduate programs.  We could plausibly see a move away from an emphasis on Google AdWords as the primary awareness building, aggregation, and sorting mechanism for (masters level) graduate programs – replaced by accelerated (and more affordable) admissions pathways through programs like edX’s Micromasters.
Am I right? Have MOOCs enlarged, rather than shrunk, the higher ed pie?  
Could MOOCs actually be good for professors?