Microsoft made two changes in April 2026 that pulled Copilot in opposite directions. Chat disappeared from Word, Excel, PowerPoint, and OneNote for unlicensed users in tenants over 2,000 seats, and prepaid capacity packs started working without an Azure subscription. The licensing fog around agents got sharper, not simpler. This article maps the four layers admins need to walk before sharing a Copilot Studio agent (user license, authentication, sharing surface, consumption), pulls in a real test where an unlicensed user happily ran a tenant-grounded agent without a single capacity pack purchased, and explains why that doesn’t break the rule, just exposes where the bill is hiding. It also covers the Work IQ toggle that quietly splits your agent’s behaviour into two: one experience for licensed users, another for everyone else.