I think this makes sense for a lot of crimes, but not murder. If you take someone's life, you should be prepared to spend a long time in prison. That's a reasonable punishment for the crime.
I predict that I’m in the minority in believing what I’m about to say: In the unlikely event that it turned out the best way of minimising homicide was to promise every single convict £1 million and a 12 hour episode television show in their name, if that actually minimised homicide, I’d be in favour of that response to it. I will of course freely admit that the reason I can say something so shocking is because I don’t know anyone who’s been murdered.
I care about minimising the aggregate rate of all homicide, not punishment for it’s own sake.