In the last years, a very significant topic has been incorporated to the studies related to higher education: universities' rankings. These instruments have an ever-increasing acceptance, but they are also the subject of abundant critiques, particularly by Latin-American academics, who do not see their institutions reflected in measurement standards, but primarily the so-called world class universities. Considering this setting, the inquiry has made its primary objective to gather Venezuelan academics' opinions towards the role that rankings fulfill in university management. It is a study with a qualitative approach that uses the modality of discussion groups conformed by academic experts from Venezuela universities from both public and private sector. Results reveal that there is no coincidence of criteria regarding the impact that rankings have generated in university management and, consensus evidence in establishing quality indicators for current rankings that could portray Venezuelan reality is not shown either. However, there seems to be agreement on two subjects: firstly, the gap between our universities and those of world class is evident, and a tendency for its closure is not foreseen and, secondly, the importance that research has reached and, furthermore, knowledge creation, as main criteria to measure institutional quality and as means to positioning countries, is a true reality.