Modern operating systems frequently support applications with a variety of timing constraints including hard real-time, soft real-time, and best-effort. To guarantee performance, critical applications typically over-reserve resources based on worst-case resource usage estimates, while others may reserve based on average-case or other estimates. When resources are fully subscribed, the performance of soft- and non-real-time applications depends upon the effective distribution of dynamic slack — reserved, but unused resources— from other tasks. Motivated by several representative examples, we derive four general principles for the effective management of slack. We have implemented these principles in four progressively better slack schedulers that demonstrate their effectiveness. BACKSLASH, which employs all four principles, misses fewer soft realtime deadlines than all of the other slack schedulers we examined.