The fellowship consists of a “$27,000 stipend, generous health benefits, and a one-course-per-semester teaching assignment.”
Here’s a description of the fellowship from their website:
The Carl Djerassi Fellowship in Playwriting was established by scientist and author Carl Djerassi to encourage beginning-to-mid-career playwrights whose work is not only performed, but also has intrinsic literary value. To realize Dr. Djerassi’s vision, the University of Wisconsin-Madison’s Program in Creative Writing annually awards a fellowship to a playwright whose whose plays can be read and discussed as works on the page as well as performed on the stage. Playwrights whose works have been published as well as performed are especially of interest. Applications must be postmarked by April 20.
Here’s a picture of one of the past Wisconsin Djerassi Fellows in the official Djerassi uniform.