Reaction of the CoI complex [(TIMMNmes)CoI](PF6) (1) (TIMMNmes= tris‐[2‐(3‐mesityl‐imidazolin‐2‐ylidene)‐methyl]amine) with mesityl azide yields the CoIII imide [(TIMMNmes)CoIII(NMes)](PF6) (2). Oxidation of 2 with [FeCp2](PF6) provides access to a rare CoIII imidyl [(TIMMNmes)Co(NMes)](PF6)2 (3). Single‐crystal X‐ray diffractometry and EPR spectroscopy confirm the molecular structure of 3 and its S=1/2 ground state. ENDOR, X‐ray absorption spectroscopy and computational analyses indicate a ligand‐based oxidation; thus, an imidyl‐radical electronic structure for 3. Migratory insertion of one ancillary NHC to the imido ligand in 2 gives the CoI N‐heterocyclic imine (4) within 12 h. Conversely, it takes merely 0.5 h for 3 to transform to the CoII congener (5). The migratory insertion in 2 occurs via a nucleophilic attack of the imido ligand at the NHC to give 4, whereas in 3, a nucleophilic attack of the NHC at the electrophilic imidyl ligand yields 5. The reactivity shunt upon oxidation of 2 to 3 confirms an umpolung of the imido ligand.