The presentation restates the classical dictum of the republican theory of self-government – successful polities should combine three good forms of government, rather than rely on one form alone, because this mixed form of government proves to be the most resistant against institutional decline. These three good forms are: the rule of the one (educated or benign monarchy), the rule of the few best (aristocracy) and the rule of all (democracy). Applied to the university governance, and given Albert Hirschman’s famous distinction between voice and exit sources of organizational power, this idea entails a universally accepted practice of granting voice to various groups – i.e. administrators, professors, students and trustees (frequently recruited from the alumni). Yet, there is a lack of agreement about the proper distribution of rights to participate in institutional decision-making – for example, it is not entirely clear, should presidents be given more powers. These debates, however, usually take into consideration voice opportunities ignoring exit ones, which serve as a “dark matter” of organizational power. The presentation discusses the functioning of voice opportunities in the context of various exit options that are shaped by the general economic situation, a specificity of academic labor markets, and prevailing student culture. It argues that, in accordance with classical republican thought, various political structures prove to be more efficient in fostering republican virtues in different environments.