Editors' Summary: Fishing stocks in the Gulf of Mexico have been dwindling for years, and in the aftermath of Hurricanes Katrina and Rita, the fishing industry has found itself in even deeper waters. But while the two hurricanes caused massive damage to fishing fleets and infrastructure, they may have also created an opportunity for reform in the way Gulf fisheries are managed. In this Article, Mike Pappas evaluates the use of a buyback program as a possible solution. After examining the problems of the Gulf fisheries both before and after the hurricanes, he looks at other buyback programs that have been successful elsewhere in the United States. He then analyzes the potential of a buyback program in the Gulf. He concludes that although buybacks may be a useful interim tool for improving fisheries in the Gulf, they are just one step toward recovery.