This report examines program implementation in the first two cohorts of Teacher Incentive Fund (TIF) grantees (i.e., recipients of five-year grants awarded in 2006 and 2007). It follows on a 2012 interim report on the same cohorts. The report highlights principal and teacher award sizes and distribution and composition of awards, as well as perspectives of educators participating in the TIF program. Because the TIF program has continued to evolve since those early cohorts, the grantees studied in this report were responding to somewhat different (and generally more flexible) program requirements than later cohorts of grantees, such as those described in a separate study by the Institute for Education Sciences. The report findings are applicable only to the first and second cohorts of grantees. [Additional assistance in the preparation of this report was provided by Berkeley Policy Associates. For the "Results in Brief," see ED613463.]