The evolution of C4 photosynthesis evolved numerous times independently in the grasses over tens of millions of years, and each event required the development of distinct biochemistry and anatomy. Recent theoretical, anatomical and phylogenetic studies made great progress in reconstructing the evolutionary processes leading to the formation of the C4 carbon concentration mechanism (CCM) in grasses. After the formation of the full CCM, C4 physiology continued to diverge between C3 and C4 grasses, presumably as selection optimized photosynthetic function.In this study, we combine optimality modeling, physiological measurements and phylogenetic analysis to examine how various aspects of C4 photosynthetic machinery were reorganized within a lineage and as compared to closely-related C3 grasses. Both model and empirical results support a strong, and comparatively rapid, reorganization in resource allocation between the Calvin-Benson cycle and light reactions in C4, as determined by a higher maximal electron transport to maximal Rubisco carboxylation rate (Jmax/Vcmax). Our model, chlorophyll a/b ratios, and fluorescence-based electron transport measurements all suggest that linear electron transport represents a lower proportion (approximately 67%) of total electron transport in C4, and that the impetus for increased cyclic-electron transport is to balance ATP:NADPH stoichiometry, as opposed to decreasing O2 in the bundle sheath cells. Finally, the tight coordination between RuBP carboxylation and PEP carboxylation occurred coincidently with the evolution of the C4 CCM, with a relatively constant maximal PEP carboxylation rate and Vcmax (Vpmax/Vcmax).