Not so sure about that. My university made a similar offer during a serious financial crunch in the depths of the recent Great Recession, on somewhat more generous terms—150% of annual base pay, and it was open to all faculty. Very few people took the bait. The only people I know who did were getting ready to retire anyway, but were induced to move their retirement date up a bit in exchange for getting paid not to work. Of course, the lateral hiring market was almost non-existent at that point, so that might have affected how many people took the offer.
Also, the goal of our program was a little different. The university wanted to induce some senior, highly-paid faculty to retire not so much to reduce overall faculty size but to replace them with junior, lower-paid faculty and at the same time to do some internal redistribution of faculty lines between programs based on perceived needs and trends. So if you can replace a costly senior classicist with a lower paid junior computer science prof at a time of shrinking classics enrollments and rising computer science enrollments, that’s a double win for the administration. Sounds like Akron needs to actually shrink overall faculty size and perhaps lop off some programs entirely.