Ten awards of $5,000 each are made annually to professors for superior teaching at the college level. Selection is made on the basis of nominations submitted by each college or university in the State of Texas. Begun in 1958, with eight awards, the roster of Piper Professors includes outstanding professors from two and four-year colleges and universities, public and private.

Nomination is provided by Rice each year (submitted prior to Thanksgiving), and Rice is informed if there is a winner in either late April or early May.