Recent leadership failures at a couple of major public universities suggest that we should revisit the question of how colleges and universities should be governed. This article presents the authors' views on the leadership roles of trustees, presidents, and faculty. They describe how those roles can be effectively played and point out some of the ways in which they can go wrong. Given the challenges now facing higher education and the changes that sometimes threaten to overwhelm it, effective leadership is more important than ever. The authors hope that their comments will initiate a public discussion of how leaders can negotiate the difficult terrain ahead and move their institutions, and the larger enterprise, forward. (Contains 6 resources.)