The structure of big-time intercollegiate athletics has evolved significantly since its inception in the late 19th century. Changes have included the establishment of the National Collegiate Athletic Association (NCAA), competition rules, academic eligibility standards, amateurism bylaws, and exorbitant revenues and salaries for athletic departments and their respective staffs. One prominent group that has been vocal against the increased commercialization of intercollegiate athletics are faculty. Although, previous research has examined the establishment of faculty-led reform groups, there is a dearth of scholarly literature on faculty perceptions of institutional morphing at the exo- and meso-levels. As such, the purpose of this study was to engage in a multidimensional exploration of faculty perceptions of organizational change at a Division I big-time institution. A phenomenological case study approach including in-depth individual interviews with faculty members offered rich insights into the complexity of and challenges associated with organizational change including both benefits and detriments. Implications for policy and practice are discussed.