This study examines the role of predatory competition, student expectations and unclear institutional purposes in shaping the main management challenges present in Brazilian universities. The study explores the experiences, perceptions and recommendations of 42 rectors and academic directors working in Brazilian universities regarding the future of higher education in the country. In-depth interviews with these university leaders generated 482 pages of transcripts, analysed inductively and based on the content analysis technique. The data analysis indicates that managers, especially those who work in more recent private universities and do not belong to the large educational groups that dominate higher education in Brazil, will possibly face the greatest management challenges. The study results indicate the complex academic environment of Brazilian higher education institutions, dominated by harmful neoliberal principles, and characterised by low collaboration between higher education institutions, price wars, difficulty in differentiation, neglect of student expectations, conflicting interests, questioned legitimacy and institutional instability. The study offers recommendations for Brazilian universities to orient themselves towards the 'neoliberal future', especially by adopting a strategy to expand their educational services based on constant dialogue with the market, developing modern service management that focuses on people and improves the experience of its students, and defining a clear institutional purpose aligned with the demands of society and more deeply with the principles of sustainability and social responsibility.