If Canadian students are to have access to truly elite universities close to home, a blunter, more ambitious effort is needed. Putting a few Canadian institutions into the truly elite ranks will require more funding. That funding should have fewer, but clearer, strings attached. It will have to let universities invest where they see the greatest opportunities  -  either in established disciplines or in emerging areas where they can gain international recognition over time. In exchange for major new resources, universities will need to accept clearer and more transparent accountability for their impact. New resources for university excellence should pay for performance.