In this paper, we identify two weaknesses in the design of the collaborative trajectory options program (CTOP) traffic management initiative. First, CTOP may issue excessive quantities of delay even when the parameters of the program are chosen correctly. Second, CTOP’s current design can discourage airlines from accurately disclosing trajectory options. We propose new mechanisms that address these design flaws. We also provide computational results that demonstrate that our proposed mechanisms would reduce delay costs and encourage greater participation in CTOP.