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Over the past decades, we have witnessed calls for greater transdisciplinary engagement between scientific and societal actors to develop more robust answers to complex societal challenges. Although there seems to be agreement that these approaches might nurture innovations of a new kind, we know little regarding the research practices, their potential, and the limitations. To fill this gap, this article investigates a funding scheme in the area of transdisciplinary sustainability research. It offers a detailed analysis of the imaginaries and expectations on which the funding scheme rests and how researchers actually practice transdisciplinarity within the respective projects. Identifying three ideal typical models of science–society relations at work, attention is paid to how, where, and when societal and scientific arenas get (dis-)entangled. This article discusses (1) the tensions between classical academic values and …