To find the constant of proportionality in terms of meters per minute, we can determine Caroline's speed by dividing the distance she swam by the time she took.
Caroline swam 720 meters in 8 minutes.
To find the constant of proportionality (speed), we calculate:
\[ \text{Speed} = \frac{\text{Distance}}{\text{Time}} = \frac{720 \text{ meters}}{8 \text{ minutes}} = 90 \text{ meters per minute} \]
Thus, the constant of proportionality is:
\[ \boxed{90} \]