You called it right when you coined the phrase "pay-off" as opposed to "lay-off".
Essentially, Campus Leaders and Key Executives must meet or exceed budget in order to earn their bonuses...If enrollment revenues are not sufficient to meet budget, they must cut costs (the largest variable costs being compensation). In order to meet budget and get their bonuses hundreds of people had to lose their jobs.
Bonuses at the Campus Support Center:
SVP= 200% of salary
VP= 100% of salary