The university's value, we claim, lies in the complex relationship it creates between knowledge, communities, and credentials. Changes contemplated in either the institutional structure or technological infrastructure of the university should recognize this relationship. In particular, any change should seek to improve the ability of students to work directly with knowledge-creating communities. We offer a couple of examples of currently successful Internet-supported teaching that suggest how technology can do this. Then we explore some hypothetical institutional arrangements that might enable the university to take the fullest advantage of these emerging technological possibilities.