This article reports on a study of the National Teaching Fellowship Scheme (NTFS), which was funded by the Economic and Social Research Council. The study undertook a critical evaluation of the NTFS and focused on three main areas: (1) how 'teaching excellence' is understood within the NTFS; (2) the key characteristics of the NTFS as a development mechanism and strategy; and (3) the impact of the NTFS on the professional lives and identities of the award winners. Following a discussion of findings related to these three areas, some recommendations are identified to help improve the NTFS and enhance its credibility within the sector.