Given the struggle of so many college grads to find work in today’s economy, doesn’t 1 million dollars a year seem a bit excessive for a college president?

Carrie Ghose of the Columbus Biz Insider reports.

New Ohio State University president’s pay starts at $1 million

Dr. Michael Drake’s annual compensation as Ohio State University president will be worth at least $1 million in his first year with a chance to earn a bonus of up to $200,000, says a preliminary term sheet released Friday.

Drake starts as president of the 59,000-student university June 30. His selection was revealed Thursday and he wasted little time letting the Central Ohio business community know how he hopes to interact with it. Drake spent part of Friday meeting with faculty and students.

Drake, 63, succeeds Gordon Gee, who retired last year, remains president emeritus and was appointed president of West Virginia University in December until a successor is found to Jim Clements, who resigned.

According to the term sheet for his five-year agreement, Drake will receive a base salary of $800,000 and $200,000 in deferred compensation. He also will be eligible for a performance award of up to 25 percent of his base pay, or $200,000.

Gee’s base pay was $860,000 in his final year as president.

Drake’s pay as chancellor of the University of California at Irvine was just over $400,000 in 2012, the most recent figure reported by the Orange County Register.