A multithreaded clustered microarchitecture with dynamic back-end assignment is presented. A processing system may include a plurality of instruction caches and front-end units each to process an individual thread from a corresponding one of the instruction caches, a plurality of back-end units, and an interconnect network to couple the front-end and back-end units. A method may include measuring a performance metric of a back-end unit, comparing the measurement to a first value, and reassigning, or not, the back-end unit according to the comparison. Computer systems according to embodiments of the invention may include: a random access memory; a system bus; and a processor having a plurality of instruction caches, a plurality of front-end units each to process an individual thread from a corresponding one of the instruction caches; a plurality of back-end units; and an interconnect network coupled to the plurality of front-end units and the plurality of back-end units.