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.