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The paper describes a study conducted to explicate the multiple theories underlying Chile's national teacher evaluation program. These theories will serve as the basis for evaluating the intended consequences of this evaluation system, while not losing sight of emerging unintended consequences. We first analyzed legal and policy documents and then interviewed fourteen representatives of the four stakeholder groups involved in the program's design and implementation, in order to gain insight into their respective conceptions of the program's functioning and intended effects. The results show that, as to be expected and despite the long and difficult negotiation process that preceded implementation of this program, multiple political stakeholders still view the program's intended effects differently. However, there was substantial overlap regarding a number of intended effects, such as building the capacity of, and triggering change in, teachers with shortcomings, and informing the selection of new teachers and facilitating the exit of unsatisfactory teachers from the system. It was difficult to get interviewees to talk about how exactly these intended effects are supposed to be achieved. The paper draws conclusions regarding theory elaboration process involving multiple stakeholders in a highly political context. (Contains 2 tables and 5 figures.)