politics

what do we think the effect would be if we paid politicians way way more

e.g. US president $1b salary for four years, senators $100m etc

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President: Not much difference. 
Senators: They'd never retire.

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But there would be more of an incentive to run against them

Not what's lacking, there's already very strong competition for these jobs. Senators have strong incumbency, in red or blue states (ie most of them) they keep the job until they choose to retire.

Almost anyone who thinks they can win is competing for those jobs.

The place more pay could make a difference is lower down, eg apparently US Congress is basically run by kids in their 20s because you can't raise a family on a Congressional office salary, so they quit and become lobbyists.