The University of California system is the most recent institution to back away from their Elsevier subscriptions after negotiations failed. UC had been trying to negotiate a deal that would include subscription access to Elsevier journals for their faculty, staff, and students, but that would also include making all UC published research in Elsevier journals open access for all – instead of having to pay article processing charges on top of subscription fees.
You can read the UC announcement here.
The letter to the UC Berkeley community has some helpful information about next steps for those who want to access Elsevier content.