Consequential governance requires critical thinking on big issues that affect the institution's success over the long term. A major issue in the academy is tenure--guaranteeing faculty members lifelong employment and academic freedom--bestowed after a probationary period of several years during which the faculty member is responsible for proving excellence in teaching and research and competence as a campus citizen. It is not without controversy, and it is something that boards need to be thinking about. In this article, the author outlines seven long-held assumptions underlying the "tenure system" as it currently operates in the United States at most four-year colleges and universities. These assumptions bear reconsideration today by boards and college and university administrations. (Contains 3 resources.)