Rapid technological advancements of recent decades have fueled, among other aspects, a global boom in the utilization of artificial intelligence (AI) tools across a variety of areas. Higher education, like other domains, has embraced these innovations, with ChatGPT emerging as one of the latest additions. Faculty perception, ability, and willingness to adopt these new tools remain fundamental factors in understanding their proliferation and adoption. However, it's equally important to strike a balance between reaping the benefits of technology and safeguarding the well-being of faculty members. Against this backdrop, this study assesses the impact of a series of factors on ChatGPT adoption among university faculty members, taking as reference the Technology Acceptance Model (TAM). Additionally, we analyze the impact of ChatGPT adoption on faculty well-being. All hypotheses are tested using covariance-based structural equation modeling (CB-SEM). The findings highlight the positive influence of perceived usefulness, ease of use and enjoyment on ChatGPT adoption. Moreover, ChatGPT adoption seems to boost faculty' happiness and energy, while diminishing their stress levels. Theoretical and practical implications are discussed in the last section.