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As school leaders and district human-capital managers struggle with persistent teacher shortages, policymakers nationally have created statutes deregulating teacher licensure/certification. In Texas, most K-12 districts can now hire uncertified teachers. This provides flexibility in school leader hiring practices, and likely expands applicant pools, yet more than one-third of all new teachers in recent years are uncertified. This quantitative study investigates the demographics, school characteristics, and retention/mobility outcomes of over 300,000 teachers. We find that uncertified teachers have alarmingly low retention probabilities, and are clustered in schools serving mostly students of color and economically disadvantaged students. We discuss implications for policy as well as how our results contribute to literature/theory related to market deregulation and teacher careers.