The recent New York Times investigation into the deadly 2012 attack on the U.S. diplomatic mission in Benghazi has reignited the debate over the nature and trajectory of al Qaeda. The conclusion of the report – that there was no evidence of an al Qaeda role in the attack – reinforces our view that the organization that attacked the United States more than 12 years ago is in decline. But it also serves as a reminder that the threat has not disappeared. Rather, it is morphing into a new, more dispersed, less predictable, but still lethal enemy.