CSU Presidential Pay Scale

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http://www.utsandiego.com/news/2012/jan/13/csu-policy-would-look-at-high...

As a point of reference, the POTUS earns $400,000.

Now I'm not an economist by any means, but it seems to me that this method of determining a 'fair' pay scale is somewhat odd.  The salary for a CSU president is determined by salaries paid to 'comparable' public school presidents - well, how were those salaries determined in the first place; were they, in turn also based on 'comparable' salaries? 

That is to say, it seems like this only works if we operate under the presumption that the other schools haven't availed themselves of this same system, and that at some point some actual economic principle was applied to determining a fair pay scale.  Otherwise this system becomes divorced from the general economy - a self-perpetuating system unto itself, as it is wholly unaffected by the general principles of the free market and instead simply serves to create a salary baseline that is circularly based upon itself. 

Any comments from people who actually understand this stuff welcome :) 

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