This is a look at the rise and development of religious studies in the United States, at the terms and implications of its “charter,” and then at current models and perennial phobias (theologizing being an example of the latter). There follows a plea for people working in religious studies to complete the hermeneutical circle, to return to the essence, to explore and act out the religious wager. The paper closes with a glimpse at two possible roles for such a revisioned venture: symbol repository for the university, seminary for an expanded and critical civil religion.