This paper challenges an unexamined assumption in affirmative action politics and scholarship on U.S. postsecondary admissions: considering race in admissions invariably increases Black, Latinx, and Indigenous enrollments. We analyze the relationship between stated admissions policies and enrollment trends by student racial identity at 975 selective colleges and universities in states without affirmative action bans from 1990 to 2016. We find that this relationship varies depending on the institution’s competitiveness. Considering race is associated with an increase in Black student enrollments at the most competitive institutions. At less competitive institutions, however, considering race is associated with a decrease in Black student enrollments and an increase in White, Asian/Pacific Islander, and Non-U.S. resident student enrollments. These findings show that schools’ racial enrollment demographics differ systematically according to whether they choose to consider race in admissions. The analysis underscores the importance of examining variation in institutional policy across the field of higher education.