This sounds strikingly similar to what's going on at my school, Rensselaer Polytechnic Institute. President has a 5mm+ salary and took only a 5% pay cut while laying off (not furloughing!) 60 faculty members.
A 2015 Time Magazine article cited Jackson as the highest-paid college president ... for a stunning $7.1 million in total. That works out to more than $1,000 per student at her school".
p.s. hope you enjoy troy :)