The historical background and characteristics of the academic model, on which modern academic life is based, are presented in this monograph, and changing conditions in higher education that call for reevaluation of the academic model are examined. The model originated with the rise of the university system in the late nineteenth century, which established the faculty's role as researcher and scholar first and teacher second. In the 1970's enrollment and financial problems point up crucial flaws in this model. With the declining job market, faculty job mobility decreased. The impact of the Ph.D. surplus is addressed. A review of the academic reward system for faculty includes: (1) a description of faculty activities and preferences; (2) an analysis of how academic rewards serve faculty needs; and (3) a discussion of efforts to refocus the reward system away from research to teaching. Current conditions in higher education have also resulted in a loss of faculty autonomy, and centralized decision-making and greater reliance on irregular faculty appointments have occurred. Collective bargaining is an option faculty may select to try to improve their position. A bibliography is included. (SW)