Following the recent exchange between Ransom and Hallock, we examine the determinants of faculty salaries and find that once one controls for productivity indicators, seniority appears to have a significant effect on faculty salaries. Simply put, productivity pays and there is no evidence of university monopsony power. Faculty salaries are almost solely determined by academic discipline, rank, and productivity, as manifest by grantsmanship activity and the elicitation of competing offers from other universities. Perhaps surprisingly, once one controls for grants won and rank, both of which appear to be influenced by a faculty member's publication rate, published research appears to offer little or no salary returns.