A model is developed for magnetic, "propeller"-driven outflows that cause a
rapidly rotating magnetized star accreting from a disk to spin-down. Energ
y and angular momentum lost by the star goes into expelling most of the acc
reting disk matter. The theory gives an expression for the effective Alfven
radius R-A (where the inflowing matter is effectively stopped), which depe
nds on the mass accretion rate, the star's mass and magnetic moment, and th
e star's rotation rate. The model points to a mechanism for "jumps" between
spin-down and spin-up evolution and for the reverse transition, which are
changes between two possible equilibrium configurations of the system. In,
for example, the transition from spin-down to spin-up states, the Alfven ra
dius R-A decreases from a value larger than the corotation radius to one th
at is smaller. In this transition the "propeller" goes from being "on" to b
eing "off." The ratio of the spin-down to spin-up torque (or the ratio for
the reverse change) in a jump is shown to be of order unity.