We analyze performance characteristics of a class of call admission control (CAC) algorithms designed for servicing multiple priority classes in wireless networks with the goal of quality of service (QoS) satisfaction and reward optimization. By reward, we mean some sort of “value” obtained by the system as a result of servicing multiple priority classes. In this paper we design and evaluate the performance of a new algorithm, elastic threshold-based CAC, in terms of the maximum reward obtainable with QoS satisfaction from servicing multiple priority classes with distinct QoS requirements, and compare it with existing partitioning, threshold, and spillover CAC algorithms. We also develop a heuristic-based search method to determine the best threshold-value sets used for multiple service classes by sequentially adjusting these thresholds based on the reward and rejection rate obtainable vs. QoS constraints of each service class. We demonstrate through test cases and simulation that elastic threshold-based CAC outperforms existing CAC algorithms for QoS satisfaction and reward optimization in solution optimality for serving multiple QoS service classes in wireless networks.