I voted yes, but the question is a little simple for the nuance needed to explain. Obviously the calibre of educators that populate the top 50 Prep schools would command a higher salary than say someone who is a public school teacher in PoDunk, Nebraska. Now if the question is in the context that pay should be attached to performance of the student, than I must emphatically say NO!!!!
Should a person who has a generic degree in Education (BA) from a half way decent school make the same as person who has a specific, subject related degree, (e.g. History, Math, English) from another comparable mediocre school? No, I don't believe they should. You're education should be in direct relation to he specific subject you are teaching. This would limit elementary school teachers, whose task is to give a foundational perhaps, but not necessarily, there are other measures which can reveal the quality of an educators work that doesn't have to be connected to the success of the student.
This is all relevant only if we continue with the same pedagogical framework. I personally believe we need a great reformation regarding the way and means in which we educate our children. The pedagogy is the problem first and foremost and that i what needs to be addressed, not what a teacher should and should be making and certainly it shouldn't be predicated on the external circumstances that aren't in their complete control.