More than fifty years ago, the Supreme Court formalized the “state-action antitrust immunity” doctrine ─ a judge-made rule that certain state governmental conduct is immune from challenge under the federal antitrust laws. Since then, the courts have had a love-hate relationship with “Parker” immunity. The difficulties of that relationship are particularly important to public colleges and universities, which face antitrust claims in a variety of contexts, from trademark licensing to bar exam preparation to “no poaching” arrangements.