When Roosevelt University’s Charles Middleton landed fifth on the Chronicle of Higher Education’s latest national survey of presidential salaries at private colleges and universities, it was a head-scratcher. The tiny institution (just 3,658 students) rates 91st in the Midwest on U.S. News & World Report’s regional university ranking—not exactly the Ivy League of Chicago. But there’s more to the money than meets the eye: Middleton’s $1.8 million package includes nearly $1.2 million in bonuses, accrued over 10 years and finally awarded now that he’s retiring. His base salary alone doesn’t even crack the top five for the Chicago area.

1. Charles Middleton

Roosevelt University
Total 2012 compensation: $1,762,956
How many tuitions cover total comp: 66
National rank: 5th
Base salary: $465,928
Notable perks: Housing and car allowances

2. Robert Zimmer

University of Chicago
Total 2012 compensation: $1,369,856
How many tuitions cover total comp: 29
National rank: 11th
Base salary: $916,620
Notable perks: $106,580 in rent-free mansion living

3. Morton Schapiro

Northwestern University
Total 2012 compensation: $1,123,913
How many tuitions cover total comp: 24
National rank: 24th
Base salary: $829,616
Notable perks: Use of a 10,000-square-foot house

4. Rev. Dennis Holtschneider

DePaul University
Total 2012 compensation: $836,169
How many tuitions cover total comp: 24
National rank: 53rd
Base salary: $505,956
Notable perks: Eternal blessings: He donates his salary to his religious order

5. Michael Viollt

Robert Morris University
Total 2012 compensation: $759,913
How many tuitions cover total comp: 32
National rank: 67th
Base salary: $469,839
Notable perks: Personal financial counseling and club dues

6. John Anderson

Illinois Institute of Technology
Total 2012 compensation: $690,123
How many tuitions cover total comp: 17
National rank: 81st
Base salary: $580,948
Notable perks: None