The coordination and reactivity of the diphosphine ligand 4,5-bis(diphenylphosphino)-4-cyclopentene-1,3-dione (bpcd) with Os3(CO)10(MeCN)2 (1) has been explored. The initial substitution product 1,2-Os3(CO)10(bpcd) (2b) undergoes a nondissociative, intramolecular isomerization to furnish the bpcd-chelated cluster 1,1-Os3(CO)10(bpcd) (2c) over the temperature range of 323−343 K. The isomerization reaction is unaffected by trapping ligands, yielding the activation parameters ΔH⧧ = 25.0(0.7) kcal/mol and ΔS⧧ = −2(2) eu. Thermolysis of 2c in refluxing toluene gives the hydrido cluster HOs3(CO)9[μ-(PPh2)CC{PPh(C6H4)}C(O)CH2C(O)] (3) and the benzyne cluster HOs3(CO)8(μ3-C6H4)[μ2,η1-PPhCC(PPh2)C(O)CH2C(O)] (4). Time−concentration profiles obtained from sealed-tube NMR experiments starting with either 2c or 3 suggest that both clusters are in equilibrium with the unsaturated cluster 1,1-Os3(CO)9(bpcd) and that the latter cluster serves as the precursor to the benzyne-substituted cluster 4. The product composition...