Rubbish. You can try to justify it, but there is none for that type of salary for a volunteer-required organization. The ONLY reason they have the TV coverage they do is because are sponsors willing to put up the money for the broadcast, just like every other sporting event on TV.
I guess you also have a problem with Girl Scouts and major heartburn with Boy Scouts? It would appear that the LL CEO Salary is very much in line with the existing market. It is nonsense to argue that the skills provided at $400k are overpriced as the market sets that rate. However, if you feel that a less skilled person is required, that would be a different discussion. You get what you pay for and although I am sure many would take the job for much less they would certainly be less qualified.