5) Gospel Partnership of several local churches. This is the model that we have adopted here in Washington DC not actually for our campus ministry, but for an evangelistic ministry that we have started to reach people in the workplace with the gospel. www.lunchtimetalks.org I know of several places where this model is used of workers in primary & secondary education, but don't know of this model being adopted anywhere for ministry to College Students.
a) this would be great for the witness of the gospel on campus - churches from different denominations who agree on the gospel working together for the gospel is a huge testimony to the unity of the gospel message. There isn't a baptist / Presbyterian/ Anglican gospel. There is just the biblical gospel.
b) This would help students to know a series of bible teaching churches in the area which they could trust.
c) It would have accountability of the ministry to many of the churches that the students in the ministry belong to. Not none. Not just one.
a) It might be more difficult to get things done if things would need agreement of all the churches.
b) I'm not sure it's been tried before, so new ground would need to be worked out.
c) There might be issues of getting on campus etc. I have not thought through quite how this might be constituted as a student organisation, but I'm sure it would be possible.