Online program management (OPM) is the merging of online education and outsourcing practices in higher education. OPM firms facilitate the development, delivery, and management of online programs for colleges and universities. Although OPM partnerships can help institutions offer online programs they otherwise would not be able to offer, such agreements raise concerns not seen with other types of outsourcing. To help others understand the phenomenon of online program management, we pulled together fragmented information from previous studies and literature, national datasets, websites, policies and regulations, and interviews with experts. Because previous writings use a range of definitions for the term OPM, we start by providing a working definition of an OPM agreement. Each side of the agreement is then examined in turn. For colleges and universities, we consider the reasons why they choose (or do not choose) to enter into an OPM partnership. Special attention is paid to reasons pertaining to organizational finances and nonprofit conversions. For OPM firms, we provide details about the organizations that participate in this rapidly changing market. Last, we offer policy perspectives while noting possible modifications of current regulations and providing caution about unintentional consequences of over-regulation.