This study reviews changes in higher education governance in Latin America, developing a conceptual approach to analyze the reforms and their impacts in Chile and Ecuador, highlighting their similarities and differences. The extended Clark’s triangle is used to explore these transformations. The results identify the post-reform trajectories of both countries. In Chile, the regulatory reforms enhanced the role of the state as evaluator and funder, consolidated a more regulated private market, and reduced the influence of the academic sector. In Ecuador, they reduced the state’s control but strengthened its role as evaluating agency, increasing the influence of higher education institutions and universities, and promoting more managerial approaches in private higher education institutions. The reforms brought about greater state intervention in Chile and less state intervention in Ecuador, with significant changes in both countries.