A series of (dppf)Ni(ketene) complexes were synthesized and fully characterized. In the solid state, the complexes possess η-(C,O) coordination of the ketene in an overall planar configuration. They display similar structure in solution, except in some cases, the η-(C,C) coordination mode is also detected. A combination of kinetic analysis and DFT calculations reveals the complexes undergo thermal decomposition by isomerization from η-(C,O) to η-(C,C) followed by scission of the C═C bond, which is usually rate limiting and results in an intermediate carbonyl carbene complex. Subsequent rearrangement of the carbene ligand is rate limiting for electron poor and sterically large ketenes, and results in a carbonyl alkene complex. The alkene readily dissociates, affording alkenes and (dppf)Ni(CO). Computational modeling of the decarbonylation pathway with partial phosphine dissociation reveals the barrier is reduced significantly, explaining the instability of ketene complexes with monodentate phosphines.