The time has arrived for the unmet potentials of federal white spaces to receive some well-deserved attention. While many policy analysts have focused on the fate of the 700 MHz auctions, the digital TV transition, and the promise of television white space devices, the best available data suggests that the majority of federal spectrum capacity is left unused (McHenry, 2003; McHenry, 2004) – a situation that has gone largely unexamined. Strategic reuse of this spectrum could help obviate the need for significant additional frequency reallocations while enabling a wide range of creative new uses and social benefits. Based on what little information is publicly available, it is reasonable to assume that the repurposing of government spectrum would go far in addressing a number of access-related communication problems. Repurposing currently unused U.S. government-controlled spectrum for opportunistic unlicensed use would benefit society by dramatically expanding access to high-speed broadband and increasing the pace of wireless technological innovation. This approach to spectrum policy presents a “third way” for reform, drawing from both the commons and property rights models of spectrum management.