The well-known metaphor of 'panopticon', derived from Bentham's project and popularised by Foucault (1977), has long informed scholarly conversations in management and organization studies (MOS). Herein, we question the power of this emblematic metaphor. Through an indepth literature review specifying its form, principle and goal, coupled to an investigation of Bentham's original writings, we identify two readings of the panopticon. First, we disentangle the uses of this concept in MOS literature, and highlight a rather uniform and negative interpretation of the panopticon as a mechanism of social control and surveillance (first reading). Beyond this dominant interpretation, we contend that the panopticon is a richer concept than MOS literature acknowledges. Going back to Bentham (1995/2010)'s initial project, entailing not only one but plural types of panopticons, we propose a more comprehensive conceptualization of the panopticon (second reading), as (1) a rewarding functional dispositive based on freedom and autonomy (form); (2) relying on information sharing, transparency and visibility (principle); and (3) striving for harmony and efficiency as ultimate ends (goal). In doing so, we generate a new way of seeing the panopticon in MOS 2 research. We also reveal an inherent tension between both readings, interpreted as dystopia and utopia, and show that their combination allows grasping the ambivalence of panopticism in practice in ways that can inform further research on liberal management. As a practice of freedom, panopticism in practice might indeed turn into an instrument furthering control. To conclude, we highlight some analytical paths to help MOS scholars disentangle such ambivalence.