INTRODUCTION Religion is the first freedom protected by the Bill of Rights, which it divides into two guarantees: neither the federal nor state governments may "establish[]" a religion (the "Establishment [...], Despite the word 'free' in the First Amendment's Free Exercise Clause, the free exercise of religion is not always free: as illustrated in Burwell v. Hobby Lobby Stores, Inc., the plaintiffs' psychic cost of violating their religious beliefs by providing contraceptive coverage to their employees was pitted against the costs to their employees and society of not having it. Using Hobby Lobby as a springboard, this Article first illuminates an underexplored area of the Free Exercise Clause: there are actually two types of religious exercise claims--individuals versus the government and individuals against not just the government, but also against the fundamental rights of other individuals. Under current jurisprudence, free exercise claims--be they individuals versus the government or individuals versus other individuals--win if the government 'substantially burdens' religious practice unless the government's interest is 'compelling' and is pursued by the 'least restrictive means.' These terms, though key to the current free exercise analysis, are relatively standardless: case law does not define them, but instead uses the common law's argument by analogy to glean their boundaries. Instead, this Article proposes that we should use the Coase Theorem as an objective test for both types of free exercise challenges: the individuals versus the government and individuals versus other individuals. For the first category, Coasian analysis helps us decide if the government's means are in fact the least restrictive: for hard free exercise cases, we can avoid the intellectual thicket of defining 'compelling government interest' and 'substantial religious burden.' And, Coasian bargains can resolve free exercise disputes that pit individuals' religious practice against the rights of other individuals: the law should favor outcomes that best approximate a Coasian bargain, and, for those cases that lack a clear Coasian bargain, they should be resolved in favor of the party who is not the cheapest cost avoider. Because this new Coasian test anchors free exercise disputes to a clear objective standard, its outcomes will be more correct and principled than the existing jurisprudence.