Yip, you just need the right people as with everything else in life.
True, but the environment is also pretty important, I know that while Monash managed to attract some incredible academics, policy changes that worked in Aus but had to implemented on all campuses caused a lot of trouble and them losing some of their best professors.
They also had some trouble adjusting the courses to fit the higher education standards in S.A, which is why the psychology department is now not recognized by the Aus board pf psychologists (thankfully after my time) and their course offering is a bit skint.