The recent emergence of generative AI (GenAI) tools such as ChatGPT, Midjourney, and Gemini have introduced revolutionary capabilities that are predicted to transform numerous facets of society fundamentally. In higher education (HE), the advent of GenAI presents a pivotal moment that may profoundly alter learning and teaching practices in aspects such as inaccuracy, bias, overreliance on technology and algorithms, and limited access to educational AI resources that require in-depth investigation. To evaluate the implications of adopting GenAI in HE, a team of academics and field experts have co-authored this paper, which analyzes the potential for the responsible integration of GenAI into HE and provides recommendations about this integration. This paper recommends strategies for integrating GenAI into HE to create the following positive outcomes: raise awareness about disruptive change, train faculty, change teaching and assessment practices, partner with students, impart AI learning literacies, bridge the digital divide, and conduct applied research. Finally, we propose four preliminary scale levels of a GenAI adoption for faculty. At each level, we suggest courses of action to facilitate progress to the next stage in the adoption of GenAI. This study offers a valuable set of recommendations to decision-makers and faculty, enabling them to prepare for the responsible and judicious integration of GenAI into HE.