The last active period in the tradition of Sanskrit poetics, although associated with scholars who for the first time explicitly identified themselves as new, has generally been castigated in modern histories as repetitious and devoid of thoughtfulness. This paper presents a case study dealing with competing analyses of a single short poem by two of the major theorists of this period, Appayya Dīkṣita (sixteenth century) and Jagannātha Paṇḍitarāja (seventeenth century). Their arguments on this one famous poem touch in new ways on the central questions of what the role of poetics had become within the Sanskrit world and the way in which it should operate in relation to other systems of knowledge and literary cultures.