I think this is a great idea. From the LSJ's Bleeding Green blog:

As the list of available coaches is being assembled I though of something that we may want to instate for the future football coach at MSU. I suggest the next hire is signed on a pay per win bases. Lets say that each win equals $150,000. Course they should get a base salary of say $100,000 incase a win isn’t found in a given season. I mean the family still has gotta eat. If they make a bowl game, and win, the next coach would get $250,000. Even if the coach won all regular season games and lost the bowl game they would pull in $1,900,000. If they did that for six years the future coach would still come in just about a million over what John L. got for his six years signed.

What kind of coach would take this sort of gamble? I guess a coach that thinks he has what it takes to produce consistent winning teams.

I'm not sure what coach would actually agree to something like this, but the next contract definitely needs to incentive-based.

Wins, bowls = big bonuses.