Funny thing is, you addressed this to ME, and I'M one of the biggest fans of CHANGING THE WHOLE DAMN SYSTEM NOMATTER WHAT. Pay for Merit, merit, merit. PERIOD. The VASTLY improved productivity of the citizens will in time more than make up for the costs of hiring REALLY PRODUCTIVE PROFESSORS.
As far as the incompetent ones are concerned, the days of their gravy train are NUMBERED. Keep ranting to your state legislators.
You assume that there's an objective standard in academics and there is not. And if there is, it will not be followed by academicians, your proposal would simply lead to left-wing academics declaring to be "productive" other left-wing academics.