This paper has two goals. The first is to raise the alarm about a possible future coming into view, of unaccountable content cartels making decisions about the parameters of online discourse in a way that is just as problematic as an unaccountable monopoly. The second is to explore what can be beneficial about collaborative efforts and what might redeem them. This is a pivotal moment in the management of public discourse, and the structures built now should serve enduring values. We need not settle for institutions that stick band-aids on some problems but do not serve the deeper goal of building trust in online speech governance.