This paper focuses on the present condition and future of the professoriate and is part of a long-term study on how the academic profession is changing, now more rapidly than at any time in memory. These dramatic shifts have led to a deep restructuring of academic appointments, work, and careers. The question now looming is whether the forces that have triggered academic restructuring will, in time, so transform the academic profession that its role—its unique contribution—is becoming ever more vulnerable to dangerous compromise. Whether the academic profession is able to negotiate successfully its role in the new era—to preserve core values and to ensure the indispensable contributions of the academy to society—remains to be seen.