On January 8, 2021, CMS published a revised managed care directed payment preprint application as part of its new guidance on directed payments released the same day. The revised preprint incorporates additional questions and more detailed tables, many of which had been included in CMS’ routine follow-up questions to states but have now been formally added to the application itself. The questions seek to address some of the concerns outlined by CMS in the guidance, such as overall program expenditures, as well as ongoing areas of interest such as how the non-federal share of these payments is financed.