Abstract. We study reproducing kernel Hilbert spaces on the unit ball with the complete Nevanlinna-Pick property through the representation theory of their algebras of multipliers. We give a complete description of the representations in terms of the reproducing kernels. While representations always dilate to * -representations of the ambient C * -algebra, we show that in our setting we automatically obtain coextensions. In fact, we show that in many cases, this phenomenon characterizes the complete Nevanlinna-Pick property. We also deduce operator theoretic dilation results which are in the spirit of work of Agler and several other authors. Moreover, we identify all boundary representations, compute the C * -envelopes and determine hyperrigidity for certain analogues of the disc algebra. Finally, we extend these results to spaces of functions on homogeneous subvarieties of the ball.