Besides being a massive violation of academic freedom, it's almost certainly unconstitutional for a state university to mandate this kind of political balance (which would require, among other things, an unconstitutional invasion of the privacy of faculty to elicit their political affiliations).  I assume it won't be passed, and that if it is passed, it will be enjoined by a court right away and then struck down.

(Thanks to Michael Swanson for the pointer.)

UPDATE:  More from CHE.  There's already pushback in the legislature on this nonsense.  Apparently the bill would rely only on voter registration records, exempting from consideration those not registered.