The international community’s increasing attention to sport in policy decisions, along with growing programmatic and scholarship activity, demonstrate the need for data that facilitates evidence-informed decision making by organizations, policy actors, and funders within the Sport for Development (SfD) field. To achieve this, there is a need for effective and sustainable investment, resource mobilization, and funding streams that support meaningful and rigorous monitoring, evaluation, and research. In this paper, the SfD funding landscape as it pertains to monitoring, evaluation, and research is critically appraised by a diverse writing team. This appraisal is informed by our experiences as stakeholders, along with findings from two recent systematic reviews and knowledge accumulated from SfD literature. Various topics are discussed (e.g., intervention theories, external frameworks, targeted funding, collective impact, transparent funding climate), with the conclusion that all actors must support the pursuit of participatory, rigorous, process-centered (but outcome-aware) monitoring, evaluation, and research that aims to enhance our understanding of SfD. Ultimately, this monitoring, evaluation, and research should improve both policy and intervention design and implementation while also defining and testing more realistic, contextually relevant, culturally aware outcomes and impacts.