College admissions are in turmoil. The Supreme Court’s dismantling of race-based affirmative action has ignited a broader discussion about who gets into America’s most selective colleges. Legacy preferences, a long-standing practice in the Ivy League and beyond, have come under fire in a recent investigation. And a groundbreaking paper by a group of economists paints class as a particularly influential factor in a student’s admission to elite schools. How should colleges respond to these challenges to long-standing admissions policies? And what do they stand to lose if the status quo endures?