Florida’s Race to the Top (RTTT) competition invited university–district partnerships to compete for funds aimed at improving principal preparation programs. In this article, we report findings from a qualitative case study focused on one program partnership funded by RTTT. Drawing upon interviews with faculty and relevant documents, we conducted a thematic analysis to determine how faculty perceived RTTT, the state, and the district influenced the development of the program. Three themes were identified and suggest that faculty perceived the influence of RTTT was filtered by the state’s existing reform priorities. Implications for preparation and directions for future research are provided.