This paper reports on part of a longitudinal study of the interaction between labor relations and governance in one suburban school system. It focuses on the all-important relationship between the school board and the superintendent in an Illinois school district. When dissension between these two parties occurs, it is possible for teachers to bargain with both, playing one management faction against the other in contract negotiations. Thus arises a kind of three-way (multilateral) bargaining process, with the superintendent caught in the middle. Two dimensions (consensus and the degree of vulnerability in the governance structure) are most relevant to the interaction between collective bargaining and governance. The combination of these dimensions yields conflict, in varying degrees. For example, high vulnerability and low consensus mean high persistent conflict. The concepts used in this case study are useful for studying the whole school governance process. (Author/DS)