This document summarizes roundtable discussions held in November 1996 to address the current condition of higher education, the process of change, and possible joint projects under the new Knight Collaborative group. The group defined the four fundamental steps believed necessary to create a framework for institutional change: (1) establishing a basis for trust, with administrative and faculty having joint responsibility for defining goals and priorities; (2) linking advocacy and reform by defining what the institution is, what it intends to do, and what its values are; (3) recasting institutional governance; and (4) controlling costs. To support this agenda, the Collaborative is establishing cooperative programs to design and implement models that call for executive education through leadership teams and by devising problem-solving strategies. These programs will deliver educational experiences by redesigning learning spaces, using time as the accounting unit of learning, integrating technology to create new modes of teaching and learning, educating the community, and sustaining a learning environment for increasingly mobile students. The programs plan to manage resources by using new strategies for fund raising, implementing distributed budgeting systems, and providing monetary and nonmonetary incentives to maintain faculty commitment to the institutional purpose. (CH)