This article explores how new public management policy ideas and technologies circulating in the globalised education space have been re-contextualised in the re-design of the Italian Higher Education System. In doing so, it uses the governmentality studies as a sensitising framework to problematise what we term here as the "calculative and instrumental turn" in the evaluation of Higher Education. The work reflects on the complex assemblage of forms of knowledge, technical means and collective and individual subjects through which the evaluation of the Italian universities unfolds in its current form. The attempt is to highlight the changes produced in how Higher Education and its ethical subjects are thought and their qualities are conceived and appraised. The article presents some conclusive remarks on some of the paradoxical risks of the Evaluation turn, namely contractualisation, depoliticisation and fabrication, but also insists on its reflexivity potential, interpreting the current developments as a missed opportunity.