Our study explores relationships between postsecondary institutional type, according to the Carnegie classification of institutions, and faculty salaries based on race and gender. Critical Race Theories underpin our questions, including Critical Race Feminism and Quantitative Critical Race Theory. We ran multilevel statistical anaylses (three models) using the Stata statistical software program, on a dataset that we created from the Integrated Postsecondary Education Data System. The new dataset includes information about faculty race, gender, and ranking, as well as about institutions' average salaries, academic fields, and Carnegie classification. Our sample size was approximately 3,800. Results suggest that Doctoral Universities: Highest Research Activity ("R1 institutions") is the only institutional type that increases its average annual salary as it also increases faculty diversity.