The FAR Overhaul returns authority to the contracting officer (CO). More importantly, it provides information, resources, and support to help the CO make good use of that authority.
Here’s an example: Currently, the FAR makes it difficult to award an innovative contract type.
In 16.102(b) Policies, the FAR says:
(b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government’s interest, except as restricted in this part see 10 U.S.C. 3321(a) and 41 U.S.C. 3901). Contract types not described in this regulation shall not be used, except as a deviation under subpart 1.4.
In other words, if you want to use an innovative contract type not called out, you have to write out a compelling rationale, navigate a complex and long review process, make the lawyers happy, and gain approval at a very senior level (could be agency head, could be head of the contracting activity.)
Compare that to the FAR Overhaul.