This document discusses different programmatic operating models for brands, including agency-owned, agency-operated, client-owned, and in-house. It outlines key trade-offs of each model such as fee transparency, operational transparency, incentives, supply chain management, technology flexibility, and control over data and roadmap. The document dives into issues around technology fees, supply chain management, and operational transparency and costs. In conclusion, it restates the trade-offs to consider for each model.