To assess the receptivity of Team-Based Learning (TBL) among undergraduate students, the TBL-Student Assessment Instrument© (TBL-SAI) was administered in two agribusiness courses (n=371). Though the original instrument was designed to assess accountability, preference for TBL or lecture, and satisfaction, based on review of the instrument, some questions were combined. A confirmatory factor analysis demonstrated the reliability of our assertion. A Structural Equations Model (SEM) was used to assess the factors associated with satisfaction towards TBL consisting of attitude and effectiveness scales. Preparation, contribution, TBL/lecture distraction, and TBL/lecture recall are latent constructs measuring students’ preparation for the class, individuals’ contribution to their team, potential distractions in TBL and lecture settings, and how TBL and lecture help with recall and retention of information, respectively. SEM results indicated that higher contribution, lower level of TBL distraction and higher perceived TBL recall were each significantly associated with a more positive attitude and higher effectiveness (p<0.05). Higher level of lecture distraction was positively associated with attitude (p<0.05). Previous positive group-work experience, higher expected grade, and making a close friend through TBL all contributed to higher overall satisfaction. As a classic “adverse selection” problem, students who indicated that they prepared more or had higher reported GPAs were less satisfied with TBL. Yet, contribution to group work was considered essential by students (and employers) and was positively related to their satisfaction with TBL. Since students reported better recall and being less distracted in a TBL course, this promotes an atmosphere for higher engagement and better learning.