If the only opportunities for advancement in your organisation beyond "senior developer" require a move into mgmt or team leadership, that will work against the stability of your teams. Seriously consider hands-on dev career paths with equivalent status and rewards.
I see no real reason why a developer can't reach CTO-level status (and pay) within an organisation, while continuing to work where they offer the most value: mentoring and setting an example for teams.
@jasongorman for the developer to negotiate a CTO-equivalent pay deal, they need to understand and communicate their value to the business which means having at least as good an understanding of how the business operates as they would in any of the "management" positions they're trying not to end up in.
@dan How might we hope to write software that runs a business we don't understand?