Despite its importance in different occupational and everyday contexts, vigilance, typically defined as the capacity to sustain attention over time, is remarkably limited. What explains these limits? Two theories have been proposed. The Overload Theory states that being vigilant consumes limited information-processing resources; when depleted, task performance degrades. The Underload Theory states that motivation to perform vigilance tasks declines over time, thereby prompting attentional shifts and hindering performance. We highlight some conceptual and empirical problems for both theories and propose an alternative: the Strategic Allocation Theory. For the Strategic Allocation Theory, performance on vigilance tasks optimizes as a function of intrinsic and extrinsic motivations, including metacognitive factors such as the expected value of effort and the expected value of planning. Limited capacities must be deployed across task sets to maximize expected reward. The observed limits of vigilance reflect changes in the perceived value of, among other things, sustaining attention to a task rather than attending to something else. Drawing from recent computational theories of cognitive control and meta-reasoning, we argue that the Strategic Allocation Theory explains more phenomena related to vigilance behavior than other theories, including self-report data. Finally, we outline some of the testable predictions the theory makes across several experimental paradigms. This article is categorized under: Philosophy > Foundations of Cognitive Science Psychology > Attention.