While I like the Elam ending, those clock running down 1 possession game buzzer beaters are in many ways what college basketball is all about, and I do feel that Elam somewhat neuters those moments. And I think that added clock pressure adds something to the college game.
Really, I think the answer is more about refs being instructed to call the game as written. Basically, fouling up 3 is fine, but you have to make a play on the ball. If you attempt to wrap up or grab a player on the other team either during play or on the inbounds while not making that foul in the vicinity of the ball, call it an intentional foul and treat it as a flagrant 1, giving the team 2 free throws and possession. And call it both ways, for the team in the lead and the one that's trailing. Doing so makes it more of a risk to foul up 3, as it could lead to the intentional foul call or it makes it easier for it to be a shooting foul. And for the team that's trailing, it also means you can't drag out the game by giving fouls without making a basketball play on the ball. So I think it would solve most issues we're discussing.