Indeed, currently the program is mounting special outreach efforts to attract more applicants from liberal arts colleges, community colleges, and minority-serving institutions. There are opportunities for scholars at all levels, and countries vary in their requirements. Some countries do, indeed, require senior scholars, but many seek and accept a range of scholars, including adjunct faculty. In fact, some countries encourage participation by junior scholars and offer special awards for them. Fulbright Awards are all for one academic year.
Awards range from two months to an academic year.
Awards for less than one year are increasingly common. It is also possible in some cases to extend a Fulbright award for another term or year. This is true for some countries, but not for others. To afford a Fulbright award, you have to be on sabbatical. While you're not likely to get rich on a Fulbright stipend, most grants are more than adequate.