Abstract This reflection paper discusses three selected issues associated with the so-called “transformative agreements” (TAs) made between consortia and publishers. The first issue addresses the lack of transformation that, despite the name, characterises TAs. The second issue takes a more prognostic approach and considers the potential implications of a transformation from hybrid to gold open access. The third and final issue focuses on the limited quotas that characterise some TAs.The paper is aimed at consortia, policymakers, and other stakeholders.