After S.B. 217 died in the legislature, Sen Leland Yee (D-San Francisco) introduced a modified version, S.B. 86, which was approved by both the Senate and the Assembly and is now headed to the Governor's desk.
Like its predecessor, the bill introduces caps on CalState executive raises in any year in which CSU receives less money from the state than in the previous year (this might mean no raises for the foreseeable future). The bill does not apply directly to UC, whose autonomy is enshrined in the California constitution, but does advocate that UC implement similar measures on its own.
We all know that reigning executive compensation excesses will not solve the problems of the University, much less of the state. But it's representative of a populist reaction to those excesses, and sometimes a bit of populism might just be the ticket.