I'm not sure about the States, but in Australia the top universities don't hire Psy Ds for teaching - only PhDs. However:
1. I have seen smaller universities advertise positions that you could apply for with a Psy D.
2. The Psy D (or DCP, as it's called here) is quite a new program, so as more people go through it, things might change.
So it seems likely that colleges would hire Psy Ds, as Psy Drs have a lot of advanced clinical, hands-on experience which would be valuable when teaching more practical subjects.