A series of eight new and three known cobalt polypyridyl‐based hydrogen‐evolving catalysts (HECs) with distinct electronic and structural differences are benchmarked in photocatalytic runs in water. Methylene‐bridged bis‐bipyridyl is the preferred scaffold, both in terms of stability and rate. For a cobalt complex of the tetradentate methanol‐bridged bispyridyl–bipyridyl complex [CoIIBr(tpy)]Br, a detailed mechanistic picture is obtained by combining electrochemistry, spectroscopy, and photocatalysis. In the acidic branch, a proton‐coupled electron transfer, assigned to formation of CoIII−H, is found upon reduction of CoII, in line with a pKa(CoIII−H) of approximately 7.25. Subsequent reduction (−0.94 V vs. NHE) and protonation close the catalytic cycle. Methoxy substitution on the bipyridyl scaffold results in the expected cathodic shift of the reduction, but fails to change the pKa(CoIII−H). An analysis of the outcome of the benchmarking in view of this postulated mechanism is given along with an outlook for design criteria for new generations of catalysts.