This study used data from 818 master’s students, organized into 199 teams, to examine the influence of collective emotional intelligence (EI) on team academic performance (measured by a common academic grade based on two project reports at the team level) above the effects of collective general self-efficacy (GSE) and team-level GSE, termed team potency. All three variables predicted team academic performance positively, beyond the effect of each other. The research model explained 20% of the variance in team academic performance. A negative interaction effect between collective EI and collective GSE was detected, indicating that the two variables may replace each other in teamwork. Exploratory analyses of the four EI dimensions showed that particularly other emotion appraisal (OEA) and regulation of emotions predicted team academic performance. Finally, maximum EI within each team predicted team academic performance at about the same level as collective EI.