From a socio-political and organizational perspective, the article aims to describe and analyze the relations between public policies of regionalization and the organizational dynamics of universities at the territorial level. In particular, it describes how the regionalization policy was designed with the implementation of Law of Higher Education 24.521/95 until 2015. As well it analyzes what management model was expected to be implemented with the policies and what finally happened in the performance of universities. The national public university sector as a whole was approached in order to show similarities and particularities by region. Documentary sources and semi-structured interviews were analyzed with actors from the academic, technical, and political spheres who participated in the Higher Education Reform Program initiated in 1995. In conclusion, the implementation of public policies of regionalization depends, in great extent, of the university as an actor for territorial development. However, university does not end up being a dynamic and innovative player in terms of the university system.