This study examines the effectiveness of problem-based learning with game theory versus thesis format in graduate project management degrees as the capstone course. The project management body of knowledge based on ISO was established as the rules of play with modifications to fit into the classroom context. We supplied a work breakdown structure (WBS) and project charter to reduce cognitive overload associated with the initiation phase instead of focusing on the planning phase, so strategic decision-making was needed other than producing a proposed project plan as the deliverable. We developed three scenarios to fill three sections: Buying a house, training staff, or selecting an enterprise system. We contrasted the satisfaction of the three sections and then measured how learning compares to our historical program benchmark. We used project sponsor meetings to approve stakeholder registers and work breakdown structure resource allocations with network analysis Gantt charts, with instant feedback through sponsor panel questions and answers followed by substantiated yes/no decisions. All graded items were presented by teams (groups) and scored in classroom meetings, making it competitive with realistic motivation and engagement. The professors were the project sponsors, so they used constructive feedback to improve student learning, motivation, and engagement. We avoided materialistic outcomes disassociated with project theory, and there were no individual points or badges.