In this report, the authors examine recently released preliminary data concerning faculty compensation, teaching loads and external research grant awards at one of the nation's largest college campuses, The University of Texas at Austin. The authors use these data to assess faculty productivity (in terms of both teaching and research), and their analysis reveals vast disparities in the functions professors actually perform and the compensation which they receive for their services. The data reveal that a relatively small portion of faculty teaches a sizable majority of the students, and, similarly, a minority of faculty secures the vast majority of funded academic research. Conversely, a significant proportion of the faculty is far less productive: teaching little while also generating little external research grant dollars. The analysis suggests that the cries that examination of faculty productivity meant an end to UT Austin's status as a major research institution are at the very minimum highly exaggerated, and more likely totally inappropriate. These preliminary results highlight the dramatic financial consequences of low teaching loads. Data and Methodology are appended. (Contains 11 footnotes.)