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This comparative case study examines how “old” and “new” performance funding designs changed in six states. While proponents argue the new models have learned from past failures, our preliminary findings suggest new reforms use the same (or similar) policy instruments as the old models. Policymaking theories suggest instruments matter in terms of achieving policy goals; if policy instruments do not fundamentally change between the two generations of performance funding, then the new efforts may suffer a similar fate as the old. We conduct a policy audit of performance funding states to document, classify, and critique how policy designs have changed over time and to discuss the implications of “pinching” old ideas into new reforms.