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You’d get better teachers no doubt. But would it have any effect on student outcomes?

They'd certainly be a different class. I'd imagine a much more competitive selection process for entry into the profession, and the emergence of a generation who excelled at succeeding in that process, but might not be the type to commit to a life of advocating for children.

Especially if they possess the skills/drive to switch to other more lucrative occupations.

Don't get me wrong though I think that teachers should be well paid, more than enough to live comfortably and happily so they can enjoy what should be a very fulfilling job for them.

Would we really? At some point a higher cost will stop resulting in better outcomes.

And yet we keep paying CEO's more and more.

At least teachers are only in control of one class room. The most mischief they can do is to buy animatronic dinosaurs for the one lesson where they mention prehistory to kindergartners.