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Counteroffers are crucial for faculty retention, yet little is known about faculty perceptions of these negotiations and their impact on departure. Using quantitative ethnography and epistemic network analysis (ENA), this study examines how faculty describe their counteroffer process and variations by demographic (e.g. race and gender) and professional characteristics (e.g. tenure and departure status). Findings reveal that faculty frequently interpreted counteroffers as signals of institutional value–or lack thereof–with themes of dismissiveness, procedural opacity, and inconsistent treatment. Notably, Asian faculty linked institutional ambiguity to feelings of dismissal, Black faculty’s experiences diverged by tenure status, and pre-tenure Asian Americans associated the process more negatively than their Black counterparts. The results underscore the importance of reexamining counteroffers through an equity lens.