A decade ago, in Allianz, the Court of Justice of the European Union (CJEU) delivered a landmark ruling on the interpretation of anticompetitive object in EU competition law. The judgment marked the beginning of a new era, where identifying an anticompetitive object could involve a comprehensive, case-by-case examination extending to aspects traditionally associated with effects analysis. This Article provides an account of this development—from its inception and the trajectory of subsequent case law to the establishment of the full-fledged doctrine—and offers a critical evaluation. Through an analysis of the case law, the Article argues that the Allianz doctrine adds no substantive value. All cases where it has been applied could have been equally, and indeed more effectively, analyzed under the traditional category-based framework of object inquiry. It further contends that the frameless, amorphous, and unpredictable nature of the current examination undermines the very certainty and structure that the object inquiry is designed to ensure. The Article advocates for a return to the category-building principle and argues that the Court should focus on developing a more nuanced and differentiated effects analysis instead of discarding the category-based approach.