We have many faculty that are, how do I put it, well past their sell-by date. These faculty are 60-70 years old, commanding top dollar salaries, and for the most part, they do nothing but rest on their laurels. Fancy titles, distinguished, scholars, etc, but no grants, no teaching responsibilities, no real purpose other than committees, dean of this or that, and his is what they've done for the past 20-30-40 years. While I am by no means discounting the knowledge/wisdom/experience of these elder faculty, education should be a fluid, moving entity. Every University needs a succession plan.
My point is there is a HUGE cost here - the lack of funds available for new faculty. These departments have not had an influx of faculty in decades because as budgets get slashed, what funds are available are taken by tenured obligations. Sorry, but retire, move on, and make room for the next generation of faculty.