The number of applicants to pharmacy schools has been declining since 2013, leading to a national enrollment crisis. Enrollment challenges threaten the viability of some programs. Other schools are better equipped to confront the risk of having to downsize or close, creating survival-of-the-fittest conditions. Four potential risk factors have been identified, based on how applicants might perceive the comparable value of respective programs. Schools with lower risk are 1) public, 2) established before 2000, 3) located within an academic health center, and 4) traditional (4-year) programs. The academy cannot sustain more than 140 schools much longer. Market forces are establishing a new equilibrium between the number of graduates and the availability of pharmacist jobs. As more jobs become available, more applicants will apply. Until then, the fittest programs will thrive, others might have to downsize to survive, and the weakest will be at risk of succumbing to extinction.