A new analysis of early decision dynamics describes how “binding” mechanics can distort what admissions offices infer from yield and applicant-intent metrics. The piece argues that families increasingly use early decision as a strategic lever—admitting students to a second-choice option where early rounds offer stronger odds—creating a measurement blind spot. For enrollment managers, the immediate implication is practical: yield can look high without reflecting true first-choice enrollment pull, complicating forecasting and recruitment strategy at highly selective institutions.