Since the 1980s, scholars and others have been engaged in a lively debate about the virtues and dangers of mingling commerce with university science. In this paper, we contend that the commercialization of academic science, and higher education more broadly, are best understood as pieces of a larger story. We use two cases of institutional change at the University of Wisconsin-Madison to shed light on the implications of neoliberalism for public research universities in the United States. We conclude that instead of neoliberalization being a timely strategy for the specific fiscal and other problems facing public universities today, it has become an omnibus solution available to be employed when any opportunity arises and, in fact, helps to define the "problems" of the university in the first place.