The principalship, as it is currently structured, makes the best teacher educators avoid formal leadership roles. Fewer and fewer leaders aspire to that level of leadership, causing a shortage of qualified principal applicants, particularly at the high school level. Even among assistant principals, managerial challenges drown out the appeal of principal leadership. As districts struggle to find new principals to replace those retiring or leaving, it is important to consider redefining the roles and responsibilities of principals. Perhaps it is time to reinvent the principalship. This article discusses collective leadership, a leadership model for reinventing the principalship. The concept of collective leadership does not replace the principalship, but creates a structure in which principals will have time to lead more than manage. The role of the principal in this model includes building and sustaining a vision along with the values and beliefs that will nurture that vision. The principal places importance on supporting individuals through ongoing, substantive professional development. Principals will have time to become leader-developers rather than manager-directors. Four challenges that emerge in this paradigm for reinventing the principalship are also discussed. (Contains 2 tables.)