I most seriously doubt it!
Do you really think that a suitable president can't be found for the University of Oregon for a salary less than $660,000/year?
I'm not in a position to judge. First of all, I was talking about school system superintendents, not university presidents. Second, university presidents have a job that's a lot like the CEO of a major corporation: they have to do administration, lobby for funds from the state, attract donors, make short-term and long-term plans, discipline unruly coaches (I had to toss that in), determine where the university should have high-profile programs (like biotechnology or Latin classics, etc.) -- in short, they do a lot of things. A really good university president can definitely affect the fortunes of a school, which also goes for a really bad university president.
Here's an idea. Evaluate the total budget of the University of Oregon, and determine what size of company is similar. Then see what they are paying the CEOs of companies that size. Should you pay a university president an approximately equivalent amount?