The universe's largest galaxies reside at the centers of galaxy clusters and are embedded in hot gas that, if left unchecked, would cool prodigiously and create many more new stars than are actually observed. 1-5 Cooling can be regulated by feedback from accretion of cooling gas onto the central black hole, but requires an accretion rate finely tuned to the thermodynamic state of the hot gas. 6,7 Theoretical models in which cold clouds precipitate out of the hot gas via thermal instability and accrete onto the black hole exhibit the necessary tuning. [8][9][10] We have recently presented observational evidence showing that the abundance of cold gas in the central galaxy increases rapidly near the predicted threshold for instability. 11 Here we present observations showing that this threshold extends over a large range in cluster radius, cluster mass, and cosmic time, and incorporate the precipitation threshold into a comprehensive framework of theoretical models for the thermodynamic state of hot gas in galaxy clusters. According to that framework, precipitation regulates star formation in some giant galaxies, while thermal conduction prevents star formation in others, if it can compensate for radiative cooling and shut off precipitation.Our framework can be expressed in terms of the time t cool required for the hot gas to radiate an amount of energy equivalent to its current thermal energy. If intracluster gas were unable to cool, cosmological structure formation via hierarchical merging would produce galaxy clusters with radial cooling-time profiles similar to a baseline profile t base (r) that can be computed with numerical simulations. 12,13 Massive galaxy clusters are observed to converge to this baseline profile at large radii, 14 but radiative cooling cannot be ignored at smaller radii, where t cool can be much shorter than the age of the universe. Gas at small radii must either cool and condense or cooling of that gas must trigger thermal feedback that compensates for the radiative losses. 15Thermal conduction is capable of compensating for cooling in cluster gas with t cool > 1 Gyr. 16, 17 Our framework therefore includes a locus of conductive balance, t cond (r), along which thermal conduction exactly balances radiative cooling. 18 The locus itself is unstable, because conduction outcompetes cooling if t cool is above that locus but cannot compete below it. 19 Conduction should therefore drive gas above the locus toward an isothermal core profile t iso (r) identical to the baseline profile at large radii but with a constant temperature equal to the peak temperature of the baseline profile at smaller radii. Clusters in an isothermal core state have central cooling times exceeding ~1 Gyr, and so mergers with other galaxy clusters, which occur on timescales of several Gyr, can compete with cooling and further raise t cool in the cores of those objects. Once t cool exceeds the 14 Gyr age of the universe, radiative cooling can no longer lower t cool , and this threshold corresponds to the "no cooling" profi...