Jeff and Michael are joined by Mushtaq Gunja, Executive Director of the Carnegie Classification Systems and Senior Vice President at ACE, to unpack the sweeping changes to the Carnegie Classifications. They explore how the new system aims to better group institutions, highlight student access and earnings, and shift incentives across funding, accountability, and rankings. The conversation dives into the implications for colleges chasing R1 status, the normative power of classifications, and whether these changes will meaningfully alter institutional behavior or simply create a new hierarchy. This episode is made with support from Ascendium Education Group and the Gates Foundation.