This document is the final report of a commission charged with developing recommendations towards reforming intercollegiate athletics. It summarizes the reforms already in place and the challenges still to be addressed. The opening section notes the dramatic change in public perception of college athletics that have taken place over the 3 years since reform work began. This section also describes the reforms from those years including primarily the broad acceptance of the "one-plus-three" model for intercollegiate athletics, in which the "one" (presidential control) would be directed toward the "three" (academic integrity, financial integrity and independent certification). This model was advanced as higher education's only real assurance that intercollegiate athletics could be grounded in the primacy of academic values, and it is noted that the National Collegiate Athletic Association legislation has put this model formally in place. This section also describes the challenges still to come, particularly the cost explosion in a period of financial constraint and requirements of gender equity. A final portion argues that presidents of institutions must remain vigilant if reform is to be maintained. Appended is a sample statement of principles for an institution of higher education regarding the institutional control of athletics. (JB)