This paper uses data from the largest college application platform in the U.S. to describe application and enrollment changes in response to widespread test-optional admissions adoption between 2018-2021. Although test-optional policies aimed to expand college access, underrepresented students did not apply to Elite colleges at higher rates and Elite colleges still received large numbers of high-scoring applications after tests became optional. Despite the oversupply of high-scoring applicants in the test-optional period, Elite colleges enrolled more lower-scorers with high grades, in particular first-generation and lower-income students. Enrollment in less selective colleges also increased among high-scorers, so test-optional policies may exacerbate undermatching.