This study attempted to (1) expand the dichotomous classification scheme typically used by educators and researchers to describe teaching incentives and (2) offer administrators and teachers an alternative framework within which to develop incentive systems. Elementary, middle, and high school teachers in Ohio rated 10 commonly instituted teaching incentives for teaching performance with respect to level of motivation offered by each. Incentives included: a one-time monetary award; being selected as the district's teacher of the year; receiving funds to attend an instructional workshop; having students thank them for helping them understand a difficult concept; participating in teacher projects; getting early retirement/contract buy-out; observing vast improvement in student achievement levels since the beginning of the year; being awarded a plaque by students; and being permitted to purchase additional classroom equipment and supplies. A factor analytic approach determined the resulting factor structure underlying teachers' ratings. This resulted in a four-factor model, which the paper discusses as an alternative to the dichotomous classification scheme. The conceptual labels attached to the four categories of teaching incentives are student-centered rewards, professional development incentives, school district recognition awards, and financial compensation. (Contains 20 references.) (SM)