<p>Despite the pedagogical potential of Extended Reality (XR) to transform higher education, institutional adoption continues to be fragmented, marked by abandoned pilots and high failure rates. Existing maturity models, such as the Technology Readiness Level (TRL), prioritize hardware functionality but fail to account for the complexity of university environments. This study addresses this gap by developing a systemic framework for university XR readiness. Employing a Socio-Technical Grounded Theory (STGT) approach, semi-structured interviews are conducted with twenty diverse stakeholders - ranging from lab directors to technical specialists across Australia, North America, Europe, and Southeast Asia. The analysis reveals that readiness is not a binary condition defined solely by technology acquisitions, but rather an emergent property from a multitude of factors. The factors are organized into three stages: Foundational (Infrastructure/Logistics), Operational (Content/Governance), and Strategic (Equity/Convergence). XR adoption is propelled by visionary leadership and accelerated by the convergence of Artificial Intelligence. Our findings uncover systemic inhibitors and illustrate that sustainable integration requires alignment among people, pedagogy, policy, and technical infrastructure. The study highlights overarching principles to assist university administrators in implementing effective XR design and integration.</p>