The impact of the Supreme Court Decision, "National Labor Relations Board versus Yeshiva University," on collective bargaining at colleges and universities is considered. The basic thrust of the majority decision is that faculty are not under the umbrella of the National Labor Relations Act and that administration may refuse to negotiate with a union representing faculty if they are "managerial." In simplest terms, the Court has said that the National Labor Relations Board may not certify a union of faculty or require the administration to deal with it if the faculty are endowed with managerial status sufficient to remove them from the coverage of the Act. Among the questions considered are the following: (1) What criteria must be met by a private institution if it is to be relieved of the duty to bargain? (2) When are faculty deemed to be "managerial" and therefore denied the protection of the Act? (3) What alternatives are open to administrations that have been dealing with a union but are now no longer compelled to do so? (4) What recourse still remains available to the unions that are directly affected? (5) Will governance structures undergo change as a result of pressures created by the Yeshiva decision? and (6) How will bargaining in public universitles and colleges be altered by the new development in the private sphere? A chart provides information by state and school on faculty contracts and bargaining agents in private institutions. (SW)