This may be true— but I also think few “high performers” are seeking less responsibility/commitment. They are working hard to be recognized for it, and the recognition ought to be financial in most cases.

I totally agree with your sentiment but I think “more free time” is a difficult award in general. Most managers would probably look at most high performers and say “you want more time? Then work less! You are already over performing” it’s somewhat out of their hands how much someone chooses to work, but they can more directly control how much they pay and award via bonuses.