For many of those principals they'll be looking to their urban counterparts and weighing up whether they're better off taking a teaching job at a city school and earning more money.
That's if it's about the money though. Which the unions have said it isn't - but this rejection by the principals would suggest it may well be.
So where to from here? Well Hipkins came out yesterday and said sorry, that's it, there's no more in the kitty. But wait, where have we heard that before?
Given he's buckled once before, having said no no no, and then done a U-turn and said actually yes here is some more money, the principals might rightly think he's not a man of his word. They may be thinking his claim that that's it, is disingenuous.
But they find themselves in a bind - arguably public support and sympathy is waning, the teachers have said yes so they've lost that momentum. And the minister says that's it, no more money.
So where to from here? Strikes? How would they work? And actually, would they make a scrap of difference? Would they have the same impact as a teacher strike?
I doubt it.
Hipkins says they'll get back around the table, not to offer more money, but for yet more talks.
That's a lot of talking, on the back of already exhaustive talking, so I'm not sure how much more talk is going to change anything.
But the minister says there's goodwill - I hope that's true. Because you'd need a lot of goodwill to get back on track, given how drawn out this whole thing's already been.