Professors revel in reputation--and nowhere does that show more clearly than in their concern about educational pedigree. That concern takes complicated forms. The author wondered what might happen if graduate admissions were reduced to a level that would only replace retiring professors. One possible consequence of such a move would be that less-elite Ph.D. programs might fold for want of students. In this article, the author discusses the influence of low-ranked Ph.D. programs and argues for the value of lesser-ranked doctoral programs on the same ground upon which they are often attacked: academic placement.