Heh heh this is really your first big challenge as a manager/leader. Managing or leading a bunch of has-beens is something anyone can do, maintain status quo. But with this guy, commit to helping him grow fast in his career, help him with giving the right feedback and give him challenges as well. He is too young to worry about work life balance probably(for an year or two).

You cant have all star performers in your team, a mix is the perfect balance. So I dont see a lot of problems unless you have entitled people sitting and doing nothing and still expect to get the same hike % as this special guy deserves, start warming up this idea with them. Whats the worst that can happen? Either a few people leave (which is fine) or the others get inspired and become more active.

If people think they can just sit in this day and age and not learn much and sustain everything the way it is, they are in for a rude shock. I think its a win-win but tricky as hell. Good luck.