The MentorsGuild "qna" is a great place to learn -- for mentees and mentors, alike. Thank you colleagues.
To the above, I would suggest that you identify the impact of actually implementing the program, as currently envisioned, and share your findings with the leadership team, as a whole – BEFORE making any actual compensation changes. You might do this by focusing on the following groups of employees:
a. the known informal opinion leaders of the company (and most likely to voice their opinions, most loudly)
b. employees considered "most valuable" by the leadership team (and most likely to cause leadership team members to want exceptions and variances to be made)
c. lower-level employees (especially as their $ and % changes compare to higher-level employees)
d. whatever other personnel groupings you feel would be significantly impacted (positively or negatively) by the program
In advance of that, though, I would suggest you identify, and privately share with each member of the leadership team, a deeper subset of who, on their staffs, would be most impacted on both extremes. (This would likely help them use inductive reasoning to focus on the bigger issues at play, company-wide.)
Importantly, this affords the leadership team the opportunity to modify/tweak the program PRE-launch, as they see fit and as may be a perfectly reasonable thing for them to do based on your findings, saving you considerable time, angst, and backpedaling compared to doing so POST-launch. Similarly, it affords you protection from them saying you were "insufficiently transparent" in sharing the impact of the program with them BEFORE rolling it out – you don't want them saying, "If we had only known..."
That you are not blamed, but, instead, positioned as a smart and savvy executive with the foresight and wherewithal savvy to recognize (and help divert) oncoming freight trains – before it's too late – is a happy byproduct of all this, wouldn't you agree?!