Last year the National Association for College Admission Counseling (Nacac) asked William R. Fitzsimmons, dean of admissions and financial aid at Harvard University, to lead a panel that would examine testing issues and recommend how colleges might better use entrance exams. The dean and his fellow panelists were to present their findings this week at the association's annual conference, in Seattle. This article discusses the long-awaited report from Nacac, which urges colleges to "assume control" of the debate over standardized testing. The report delivers the association's strongest statement to date on one of higher education's most controversial issues. It affirms that colleges and other interested parties have overinflated both the real and the perceived importance of the exams--and proposes how to let some of that air out. Moreover, the report anticipates a future when admissions tests better reflect what students learn in high school.