Well, consider a company like Amazon, with a revenue like $232.9 billion. Say the best CEO, relative to the second best, can eek an extra 1/10 of 1% of that as profit. That's $232 million.
I mean, I don't think "deserve" has anything to do with it. The leverage of the decisions and the market do. A company won't leave profit on the table because of the notion that one guy doesn't "deserve" to get paid some percentage of the value generated by his decisions. They'll want the best CEO possible at "any price", and market dynamics and rational self-interest will drive compensation into the hundreds of millions, with no notion of not incidentally disproportionately awarding one random person on the planet.
Consider this has to not only compete with itself but other ways of generating profit. Narrow mindedly: what if you invested the same dollar amount in middle management instead? More broadly: how much does $232 million in R&D generate?
Once you consider other portions of the business are actually capable of generating revenue as well the original question of "how much value can the CEO actually generate" still stands.
Thats the point of it all though isn't it? The value of the CEO is in knowing where to prioritize reinvestment. The CEO is the one responsible for making the decisions you are suggesting be made.
I mean, I don't think "deserve" has anything to do with it. The leverage of the decisions and the market do. A company won't leave profit on the table because of the notion that one guy doesn't "deserve" to get paid some percentage of the value generated by his decisions. They'll want the best CEO possible at "any price", and market dynamics and rational self-interest will drive compensation into the hundreds of millions, with no notion of not incidentally disproportionately awarding one random person on the planet.