A local-density-approximation (LDA) and LDA + U band structure study of var
ious phases of V2O3 shows that the most prominent (spin-1/2) models used to
describe the semiconductor-metal transition are not valid. We find that th
e large on-site Coulomb and exchange interactions result in a total spin of
1 rather than 1/2 and especially an orbital occupation which largely remov
es the orbital degeneracy. The calculated magnetic structure is consistent
with experiment, again without the need for orbital ordering. These results
: strongly suggest that the phase transition in V2O3 which is so often quot
ed as the example Of a spin-1/2 Mott-Hubbard system have a different origin
.