Universitys chief flaw, having opportunity to wind up

'universitys chief flaw' is the definition.
I can't tell whether this definition defines the answer.

'having opportunity to wind up' is the wordplay.
'having' becomes 'vice' (I can't justify this - if you can you should believe this answer much more).
'opportunity' becomes 'chance' (synonyms).
'to wind' becomes 'roll' ('roll' can be a synonym of 'wind').
'up' says the letters should be written backwards (in down clue: letters go upwards).
'roll' written backwards gives 'llor'.
'vice'+'chance'+'llor'='VICE CHANCELLOR'

Can you help me to learn more?