In September 2011, the Obama Administration invited states to apply for waivers of key requirements of the Elementary and Secondary Education Act (ESEA) as amended by the No Child Left Behind Act (NCLB). The Administration's waiver initiative offers states the flexibility to move away from the flawed provisions of NCLB, including several significant requirements intended to hold schools accountable for raising student achievement. The waivers also give states a chance to design new accountability systems that incorporate the Common Core State Standards (CCSS) and common assessments being developed with the leadership and cooperation of many states. As of September 1, 2012, the U.S. Department of Education (ED) had approved waiver applications from 33 states and D.C. These waivers will remain in effect through 2013-14, and states will have to request an extension for future years. This report highlights issues to watch over the next few years as states with waivers implement new accountability systems. For each of the issues discussed in this report, the authors have tried to consider the implications for public education systems, teachers, and students. The discussion must be speculative because the new systems are just getting underway, and key details have yet to be determined in some states.