The public universities just need to have “affordable in-state tuition” (however that’s defined) to be considered for membership. The private schools must meet full need (however that’s defined). Combined with the 70% graduation rate (rounding up to the nearest ten?) means this will be a very limited set of schools. The coalition is using the 70% graduation rate to prevent the vast majority of public universities from entering the coalition - this isn’t an issue among the full need private schools. The UC system was not an initial member because of this. (Have they joined yet?)
I’m cynical. I just see this as a way for the elite schools to differentiate themselves, even more, from the “regular” schools using the Common App. In other words, they want the ease and tech of the Common App but they don’t want to be lumped with all the other schools using the CA.
The stuff about portfolio? Aiding the low SES student? Fluff. Unless they provide a way of allowing the student to use the portfolio to apply to any university or college, it’s useless. It also just ups the game to private college applicants.