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The authors assess the role of time-dependent eddy variability in the Antarctic Circumpolar Current (ACC) in influencing warming of the Southern Ocean. For this, an eddy-resolving quasigeostrophic model of the wind-driven circulation is used, and the response of circumpolar transport, eddy kinetic energy, and eddy heat transport to changes in winds is quantified. On interannual time scales, the model exhibits the behavior of an “eddy saturated” ocean state, where increases in wind stress do not significantly change the circumpolar transport, but instead enhance the eddy field. This is in accord with previous dynamical arguments, and a recent observational study.