Global governance complexes offer member states opportunities for “regime shifting”: playing off an institutional forum against another with the goal of improving one’s relative bargaining position. I probe the internal validity of this strategy. The model makes two contributions to the governance complex literature. Formally, first, the analysis goes beyond current “outside-option” models of regime shifting, involving a permanent break of negotiations, to “inside-option” models, involving temporary disagreements. Substantively, second, the article models two scenarios of regime shifting, one that works for the weak and another that works for the powerful, and then “tests” the claim held by some in the literature that powerful countries are more likely to avail themselves of the possibility of regime shifting than weaker countries. I conclude that regime shifting is more likely to work for the weak than for the strong.