Someone could have once been the greatest coach in history and still not be successful later in his career. Both are possible, and I think that's the case with Bill. Overestimation of his skills and ego probably pushed him into believing this could work. Or his skills could have diminished, not been very applicable to the college game/athlete/rules. Or some combination of both.
Either way, it's a lesson that other schools should consider in the future. Having the name and success somewhere else doesn't guarantee it can be replicated. It's usually not just the coach or a player that won those championships. It's a combination of many things going right at the same time. Making it happen again is not impossible, but very, very difficult.
See Jimmy Johnson, Mike Ditka, Jimbo Fisher, as other examples.