A summary is presented of the Project on Reallocation, which investigated faculty staffing and academic program practices at a random sample of 369 four-year colleges and universities, as well as reallocation, reduction, and/or retrenchment patterns. Telephone interviews were conducted with 318 officials (usually the chief academic officer), and site visits were made at nine institutions. Only six percent of the institutions had no tenure system, and use of part-time faculty was the most prevalent staffing alternative to traditional tenure-track staffing. During 1981-1982, more than 70 percent of the schools offered faculty opportunities to retrain for new or revised assignment, but only about 17 percent actually had faculty retraining. Three-quarters of the schools reported reallocating funds or positions with academic budgets. More than 16 percent of the institutions had retrenched faculty since 1977, and 10 percent of tenure-granting schools had retrenched at least one tenured faculty member in that time. The majority of staffing alternatives were directed toward maintaining or lowering the number of tenured faculty as a proportion of the total institutional faculty complement, in order to achieve greater flexibility. In most cases, retrenchment of tenured faculty was the last resort of institutions that had been stripped of such flexibility. (SW)