How it SHOULD have ended (mild spoilers)
This is the ending that *I* would have liked to have seen:
It is the award ceremony where both Farley and Woodcock are receiving their awards. People are going on about how great Woodcock is until Farley can no longer hold his tongue and goes on his tirade. This time, however, instead of looking like a fool, what happens is that his boldness gives others the courage to speak up and confirm what Farley is saying -- to tell the truth about the emotional (and sometimes almost physical) abuse they endured at Woodcock's hands. One person speaks up, and then another, and then another...until everyone in the audience is standing up and expressing their outrage and how Woodcock treated (and continues to treat) his students.
Woodcock is just pissed at first, but his facade starts to break down as more people join in with this expression of outrage. As the truth is openly acknowledged and the crowd starts to boo him, he runs out of the room in shame -- having FINALLY been confronted, after all these years, with the truth.
At this point, the story could go either of two ways:
1. He acknowledges the truth and accepts his guilt in the matter, choosing to make a public apology to his students (both past and present) for the treatment he heaped upon them. He also makes a commitment to be a better teacher, as well -- still pushing his students, only this time without being an abusive a--hole. (He is forgiven and still gets to marry Susan Sarandon!)
2. He remains in denial and tries to justify his abusive behavior to himself. His life goes downhill from there until he finally decides to flee town altogether.
In either case, the abusive jerka-- Mr. Woodcock is defeated! :-)