The name "SAT" has become synonymous with college admissions testing; it has been dubbed "the gold standard." Numerous studies on its reliability and predictive validity show that the SAT predicts college performance beyond high school grade point average. Surprisingly, studies of the factorial structure of the current version of today's SAT, revised in 2005, have not been reported, if conducted. One purpose of this study was to examine the factorial structure of two administrations of the SAT (October 2010 and May 2011), testing competing models (e.g., one-factor--general ability; two factor--mathematics and "literacy"; three factor--mathematics, critical reading, and writing). We found support for the two-factor model with revise-in-context writing items loading on (and bridging) a reading and writing factor equally, thereby bridging these factors into a literacy factor. A second purpose was to draw tentative implications of our finding for the "next generation" SAT or other college readiness exams in light of Common Core State Standards Consortia efforts, suggesting that combining critical reading and writing (including the essay) would offer unique revision opportunities. More specifically, a reading and writing (combined) construct might pose a relevant problem or issue with multiple documents to be used to answer questions about the issue(s) (multiple-choice, short answer) and to write an argumentative/analytical essay based on the documents provided. In this way, there may not only be an opportunity to measure students' literacy but also perhaps students' critical thinking--key factors in assessing college readiness.