This analysis argues that extended programs are likely to reduce the quality and quantity of teachers and that the likelihood that they will improve teacher performance is not great. It is shown that the costs of reducing the risks could be as high as $7 billion. Because the risks of extended programs seem great and the benefits uncertain, other strategies for improving teacher education should be explored more aggressively than they have been. Two such alternatives--the reform of undergraduate programs and postbaccalaureate internships--are examined. It is concluded that these two strategies would complement each other and, taken together, would almost certainly be more cost effective than extended programs in improving teacher quality and effectiveness.