Universities are no better than Wall Street firms, big banks and multinational corporations when it comes to ousted leaders receiving a nice, cushy pillow to land on after being kicked out the door.

University of Illinois Chancellor Richard Herman, caught in the thick of the process that gave preferential treatment to student applicants with "clout," won't be out of work after submitting his resignation - which is expected to be acted on Friday by the Board of Trustees.

Instead, Herman -- who headed the Urbana-Champaign campus -- will continue receiving his nearly $400,000 annual salary through June 30, the end of his original contract, while working as a "special assistant" to the interim president and helping with a university program focused on increasing the number and quality of science, technology, engineering and math teachers who graduate from the school.

Then he will go on a one-year, paid sabbatical for $244,000 to do research and prepare to return to the classroom and teach, no later than July 1, 2011. He will, however, forgo a $300,000 retention payment that was called for in his contract, according to a press release from the university.

Herman's supporters praise him as an educator and for his role in improving math and science education. But it has been more than 20 years since the 68-year-old has been a full-time professor in the classroom - having served in administrative positions since 1986. Is this arrangement what's best for the students at the University of Illinois?

Whatever good Herman might have done for the university as chancellor was outweighed by his handling of the admissions fiasco.

"Golden parachutes" and tenured faculty positions for top administrators who leave their posts under fire might be a common practice in higher education, but that doesn't make it right.

How do university officials explain away such expenditures at the same time they defend rising tuition costs?

Nevertheless, by following President Joe White out the door, Herman is clearing the way for the mostly new members of the Board of Trustees to restore trust in the university's admissions process and its overall leadership.

Of course, there is still the matter of all the lawmakers, from House Speaker Michael Madigan on down, who used or attempted to use their "clout" to influence admissions' decisions. They will suffer no repercussions - unless voters impose the ultimate penalty at the ballot box.

Meanwhile, all public universities in Illinois should be sure they have policies and procedures in place that assure admissions decisions are made fairly and without inappropriate influence from politicians, big donors or others with "clout."