Restricting Tenure to "Master Teachers"

A NJ educator, Dr. Michael Hoban, proposes a merit pay system in today’s NJ Spotlight in which only “Master Teachers” get tenure and, then, are compensated at the same level as principals:

Some thoughts on the master teacher (MT):
•    One can become an MT only after seven years of outstanding teaching (at any grade level) plus a suitable master’s degree.
•    A teacher must apply for MT status -- it is not automatic. A good teacher may choose to continue to teach in a district for many years and never apply for MT status. And that is acceptable.
•    If a teacher is promoted to MT status, he/she receives tenure and is paid on a scale comparable to that of a school principal.
•    Only master teachers earn tenure in a district -- no other teachers or administrators.