Using Measuring Up data from 2000, 2002, 2004, and 2006, this study examines the extent to which the state performance grades, and changes in grades, are associated with the characteristics of each state and its arrangements for higher education governance and control. To what extent is each state's higher education performance a product of relatively controllable governance and regulatory practices versus relatively uncontrollable measures of state size, affluence, and demographics? Using both Time Series Analysis and OLS Regression, the results show that the measures of state size, affluence, education levels, and growth account for the greatest share of explained variance in State Measuring Up grades. Few of the higher education governance and accountability practices are statistically associated with the index scores on Measuring Up. Only the centrality of state higher education governance is significantly related to two of the state grades, and the relationship is negative. Moreover, changes in state regulation, performance systems, and governance structures over the past decade have not produced dramatic changes in the grades each state receives on the national report card.