[JamesianP]

They do a regression that includes both GPA and SAT. That is mathematically an adjustment of grades, where the adjustment is the SAT term. Then, as articles such as this one show, this correction correlates well with success at the university. So ultimately it becomes the same correction you want.

[trinovantes]

It would be interesting to see a study that compares SAT scores vs alumni performance to see which one has a better correlation with success to use for said adjustment