In the United States, 48 of the 50 states have adopted standards-based policies that attempt to reform teacher education and licensing from an input-based course and credit system to one based on outcomes and performance through their authority to approve preparation programs. This article draws from qualitative, collective case study research that examines implementation tensions between the new program approval policies and the program administrators, faculty, and students of teaching at three Wisconsin teacher-preparing institutions.The findings suggest that stakeholders' beliefs and sensemaking mediate the policy directives to the point that program completers continue to receive the same preparation despite reform efforts. The theoretical constructs to support this claim are presented and potentially shed light on stakeholder mediation in other educationreform efforts.