eliminate the foul fest by giving the offensive team the choice of bonus free throws or taking the ball from the sideline.
I've got an old Wildcats-Cannons game from 1985 where the last two seconds took four or five minutes to play, due to the eight fouls the 'Cats managed to rack up.
Just make any defensive fouls in the final 2 minutes - one free throw + possession.
I think there are a number of possible alternatives, such as mentioned above, that could limit the deliberate fouling without upsetting the whole concept of winning.
The whole point of the Elam Ending isn't just to eliminate the fouling. It's also designed to give the trailing team a chance to come back. Penalising them extra-hard for playing tough defense and gambling for steals, or letting the opposition simply inbound the ball, both make the result a sure thing much sooner.