Findings from a study that explored teachers' and principals' views on restructuring are presented in this paper. Methodology involved interviews conducted with 14 elementary, middle, and high school teachers and with 15 public school principals in New York, Illinois, and Tennessee. Three issues that will affect the future directions of restructuring were identified: (1) a lack of connection between changes in school governance structures and changes in teaching and learning; (2) differences between teachers and principals about the nature of teacher participation in school decision making; and (3) the lack of a link between decision making and accountability. A conclusion is that the success of formalized procedures for sharing authority is unlikely without trust. Although differences existed between teachers' and principals' views about restructuring, a more fundamental discrepancy existed between the perspectives of practitioners and policymakers. (29 references) (LMI)