VegasBaby!
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What's the difference between the university and a chancellor? Or between a president and a chancellor? Always wondered that.
The UT President oversees the entire UT system and directly reports to the UT Board of Trustees. Each campus is overseen by a Chancellor, who reports to the President. The athletic director is a vice chancellor reporting to chancellor at their campus. It was this way in the 70s and has been ever since.