Sentence:  Since the launch early last year of [...] two Silicon Valley start-ups offering free education through MOOCs, massive open online courses, the ivory towers of academia have been shaken to their foundations. University brands built in some cases over centuries have been forced to contemplate the <WSD>possibility</WSD> that information technology will rapidly make their existing business model obsolete. 
Meaning of the word marked with <WSD> tags:  A thing possible; that which may take place or come into being.