The purpose of the Research Excellence Framework (REF) is to judge the quality of research in the UK and on that basis to apportion to universities, in a transparent manner, differential shares in the UK's £1.6 billion pot of research funding. However, the funding process is anything but transparent! While the REF process was known years in advance and remained constant throughout the assessment exercise, the mechanisms for the subsequent award of quality-related research (QR) funding in England were opaque and "adjustable". The financial outcomes were put in the public domain following publication of the REF outcomes, but the calculations still remain a "black box" even for experienced university administrators. The funding factors were not revealed in advance and dramatic changes were made to the formula once the REF results were known. This paper explores the intricacies involved in university QR funding and looks at the correlations between it and various REF outcomes. It discusses the tactical implications for academics and university administrators, and whether simpler alternatives that are just as effective can be developed in time for the next iteration.