This case study uses the theory of academic capitalism (TAC) to explore how a public university known primarily for undergraduate education is incorporating market-oriented practices and structures, and how those changes could impact its curriculum and enrollment profile. Through initiatives to establish an engineering college, expand graduate education, and expand international student recruitment, the university's initiatives bring it closer to its research-oriented sister institution, one with a much different curriculum and enrollment profile. The findings extend the scope of TAC beyond the limited set of institutional types and issues explored in most existing research. The findings also provide insight for policymakers and higher education administrators into how public institutions oriented toward undergraduate education may change in the face of declining state financing and increasing reliance on tuition revenue.