This study was conducted to explore teachers' perceptions of a team performance pay program in a large suburban school district through the lens of motivation theories. Mixed data analysis was used to analyze teacher responses from two archival questionnaires (Year 1, n = 368; Year 2, n = 649). Responses from teachers who participated in the team pay performance system reflected high levels of expectancy. Results were mixed for teachers' perceptions of equity. Some teachers expressed concerns related to distributive justice and procedural justice of the performance pay process. Implications for researchers and practicing educators are discussed. [Note: The citation provided on the full text (v2 Fall 2013) is incorrect. This article was published in v23 n2 Fall 2013.]