I think he will eventually, but here's why I've always though paying him $400K was a great idea. KSU needs solidified as a good/great program. We need to keep him here long enough to make that happen. $400+ is enough to keep him away from smaller programs that can barely pay more than that, yet he isn't experienced enough to get a higher profile job that would near $1M/year.
If he stays here for another five years or whatever, and we continue to be good, he'll get offers from smaller (but respectable) schools that could be a launching pad in his career.