sounds like a good idea and a good start in the right direction. i got some ideas:
dundas station = toronto life square or ryerson university (whichever one has the highest bid)
st. george station = uoft - st. george campus
north york center station = mel lastman square
union station = cn tower or air canada center or toronto city hall (again, whichever one has the highest bid)
sheppard west station = downsview park (this has already been planned)
don mills station = fairview mall
leslie station = north york general hospital
yorkdale station = yorkdale mall
Problem is, there are many stations that are near UofT. Spadina, St. George, Museum, Queen's Park, Bay, Bloor-Yonge, Wellesley and College are all within walking distance of UofT buildings.
Also there are two stations which serve the Eaton Centre. And Ryerson is pretty close to College station as well.
Finally, what do we do with Museum, York University and Yorkdale? Are they forced to pay up or else have their station name changed to something generic?
Allowing companies that are close to stations to pay for naming rights just confuses people because there are multiple destinations near a station and some major destinations may be served by multiple stations. Better to just abandon the idea and have a fare increase to pay the bills.