SummaryThe importance of the team, its internal dynamics, and its performance are widely recognized within the software engineering community. While popular frameworks identify wholeness, stability over time, and smallness as important factors, they offer little guidance on how to form teams that achieve these three characteristics. The objective of this study is to investigate how these team characteristics interact in large‐scale software development contexts, particularly focusing on the impact of stable and dynamic teaming approaches. This was done through a multivocal study of literature, followed by individual semi‐structured interviews with 19 engineers from two companies and validation workshops with an additional two companies from unrelated industry segments. The study results show that the question of stable versus dynamic approaches to forming software engineering teams is largely unaddressed in industry, with stable teams representing a habitual default option. Meanwhile, both stable and dynamic teams clearly have respective strengths and weaknesses, calling for careful consideration of the most suitable approach in any given situation. To support such consideration, this paper presents a model of how team stability, wholeness, and smallness interact. This model is found relevant, accurate, generalizable, and useful by practitioners.