This Article explores the possibilities for restructuring the incentives provided under a patent system in an attempt to offset any misallocation of resources under the present system and to increase the yield of patent-induced inventions. Part I of this Article provides the traditional rationales for patent protection. Part II examines the present patent system, particularly the statutory conditions for patentability (novelty, utility, and nonobviousness), the statutory classes of inventions, and the time-period of exclusivity, and whether these conditions provide adequate incentives for invention. In light of this analysis, Part III sets forth a proposal for overcoming the perceived inadequacy of the present system and considers the domestic and international implications of any restructuring. This Article concludes that the utility patent, as presently known, may not provide for the optimal title of protection in the future.