Recasting the Elliott conjecture

Let A be a simple, unital, exact, and finite C*-algebra which absorbs the Jiang-Su algebra Z tensorially. We prove that the Cuntz semigroup of A admits a complete order embedding into an ordered semigroup obtained from the Elliott invariant in a functorial manner. We conjecture that this embedding is an isomorphism, and prove the conjecture in several cases. In these same cases -- Z-stable algebras all -- we prove that the Elliott conjecture in its strongest form is equivalent to a conjecture which appears much weaker. Outside the class of Z-stable algebras, this weaker conjecture has no known counterexamples, and it is plausible that none exist. Thus, we reconcile the still intact principle of Elliott's classification conjecture -- that K-theoretic invariants will classify separable and nuclear C*-algebras -- with the recent appearance of counterexamples to its strongest concrete form.