Recognising the pivotal role of teacher wellbeing in fostering teaching excellence, this paper explores the intricate relationships in the context of higher education. Employing an abductive, qualitative methodology and expanding the use of the PERMA framework to in the realm of higher education, this paper investigates the associations between teachers' perceptions of excellence to five elements of wellbeing: positive emotions (P), engagement (E), relationships (R), meaning (M) and accomplishment (A). Drawing insights from a case study of an Australian business school, the findings of this paper reveal dynamic interactions among these elements. Contextual variations give rise to virtuous or vicious cycles, allowing for the facilitation or degradation of both teacher wellbeing and teaching excellence. This underscores the interplay between the dimensions of teaching quality and wellbeing of educators in higher education, shedding light on the potential cyclical influences that can either bolster or undermine the symbiotic relationship between teacher wellbeing and excellence.