This study sought to observe the trends in physical therapy faculty members over time and to understand how those trends correlated with changes in program outcomes. Accreditation data from 231 programs between 2008 and 2017 was used in a panel analysis using fixed effects and random effects models to estimate the effects that faculty characteristics, program characteristics, and program budgets have on graduation rates, first-time licensure examination pass rates, and the percentage of graduates of color that a program produced. Results show that for a 1% increase in faculty time devoted to scholarship, a program could expect graduation rates to rise by 0.17%. For a one percentage point increase in grant-funded faculty, a program could expect a 1.7% increase in graduation rates. Results also indicated a negative linear relationship between the number of publications and graduation rates. First-time licensure exam pass rates had an association with different variables. For a 1% increase in part-time faculty, a program could expect a 6.4% decline in first-time licensure examination pass rates. Similarly, a 1% increase in tenured faculty was associated with a 1.2% decline in first-time licensure examination pass rates. A 1% increase in faculty of color was associated with an increase in graduates of color by 33%. This research study provides data to better inform interested parties on how changes in faculty makeup and program budgets can impact PT graduation rates, licensure pass rates, and the percentage of graduates of color that a program can realistically expect to produce.