The reaction of CpCo(PPh3)Me-2 with the N-heterocyclic carbene 1,3-bis(2,6-diisopropylphenyl)imidazol-2-ylidene (IPr) does not result in complete substitution of the PPh3, as expected, but rather in an equilibrium mixture of CpCo(PPh3)Me-2, IPr, CpCo(IPr)Me-2, and PPh3. Determination of the equilibrium constants for this unusual reaction over the temperature range 30-50 degreesC shows that DeltaHdegrees = -24.4 +/- 1.7 kJ mol(-1), DeltaSdegrees = -65.8 +/- 5.5 J mol(-1) K-1, and thus that it is entropy factors arising from steric crowding in CpCo(IPr)Me-2 that prevent complete substitution. Evidence for steric crowding is found in a comparison with the crystal structures of CpCo(PPh3)Me-2, CpCo(IPr)Me-2, and CpCo(IPr)(CO). The smaller, more basic PMe3 does displace IPr completely from CpCo(IPr)Me-2.