The Carnegie Classifications have played a key role in shaping higher education, and they are foundational in a variety of research and policy uses nationwide. Over time, public perceptions of the classifications have become increasingly focused on the research designations despite efforts to expand on descriptions of other types of institutions. There have been important revisions to the classifications over the years, but much of the structure has remained the same, which has not disrupted many of the use cases that have driven institutional behavior. In this article, the authors posit that there is an opportunity to reset the role of classifications generally and the role of the Carnegie Classifications specifically, and identify key goals for the classifications moving forward as they work toward a revised classification system in 2025. This new classification system will provide a number of ways to consider the higher education sector that aim to prompt conversations about how different types of colleges and universities are serving students and how they are operating in today's context.