If I were trying to start this from scratch, I would start a recruitment drive for "master teachers", with the necessary supplementary funding coming from the state. Brainstorm some principles off the top of my head.
* A "master teacher" program could be implemented by any school with a chronic teacher shortage, in each subject area where that shortage persisted. So if Phoenix Unified had a shortage in the poor schools but not in the rich schools, only the poor schools could implement the program. If there were shortages in science but not in English, then only a science program would be implemented. Perhaps this could change in the future if shyt worked well, but that's how I would start.
* A candidate for "Master Teacher" would have to get a Bachelor's degree in a subject matter field and graduate in the top 40% of the class. Not because you need that level to be a teacher, but in order to demonstrate commitment to excellence as well as raise the societal prestige of the position. If you want this position, you have to show you can get those grades up there. (Potentially exemptions could be appealed for on an individual basis at certain top-rate universities with especially competitive student bodies, if a Caltech or Harvard student wanted to apply.)
* Qualified candidates would then receive state-backed loans for a full ride to qualified teacher education programs in order to gain certification and a master's degree in education. Only the most respectable teacher ed programs would qualify - online and for-profit schools would be barred automatically.
* For the first 10 years, master teachers would be on the same pay scale as other teachers, but they wouldn't have to pay back any of their student loans. Both the loans for the grad program as well as any government-backed loans for undergrad would be placed on hold. So in terms of salary they're equal to their colleagues, but their personal financial situation will be secured.
* Master teachers would be given greater autonomy in the classroom. After a certain initial proving-period of 2 years to ensure they were qualified (perhaps with a state credentialling program to which they would refer lesson plans and get performance evaluations from the on-site admin), the master teachers would be allowed to design their own syllabus and procure their own textbooks. They would be free to introduce cross-disciplinary projects and collaborate with other teachers on their own initiative.
* After 10 years, if the master teacher has remained in the classroom this entire time and passed all performance reviews, all school loans would be fully forgiven. They would be permanently credentialled as a "master teacher" and receive a permanent 10% salary bump above the regular payscale.
The basic point of this program is to funnel more and higher-quality candidates into the teaching pipeline, increase the social prestige of the teaching position, and get them to stay on the job for more than 3-4 years. So many high-quality teachers leave before they've reached five years on the job. A single great teacher who stays 30-40 years is worth far more than eight teachers who only stayed 4-5.
Like I said, start this program in the areas of greatest need, see if it produces higher-quality teaching candidates who actually stay on the job, and then expand from there if it works. Perhaps one day all the teachers would be master teacher (which is basically the case in Finland, where only those who graduate in the top 1/3 of their university class are allowed to become teachers and ALL of them have the high degree of autonomy that I've described here).