The relationship between IT-business strategic alignment (hereafter referred to as alignment) and firm performance has been a topic of great concern to strategy researchers for decades. However, we found no research to date that has considered a complete model considering all the links between 6 unique types of alignment and 3 unique types of firm performance. The failure to consider a single, omnibus test of this model has resulted in conflicting findings and, consequently, an “alignment paradox” where some research finds a positive relationship between alignment and firm performance and other research finds a negative relationship. This research-in-progress seeks to theorize these relationships for future empirical testing.