Manager+ teammates are set to a content access level of "Full" by default (with Managers only having this level on the content they are directly assigned to). They can be upgraded to "Owner" of a subject but cannot be downgraded to "View" or "Edit."
When teammates are set with an "Owner" or "Full" level of content access for a subject, they will have unrestricted access to edit, publish, and add/remove teammates from a subject, plus the ability to...
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Archive subjects.
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Move subjects to different locations (in conjunction with a Manager+ account permission level.)
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See the average completion for a subject and view the corresponding subject report.
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Send "Share changes" email notifications to assigned teammates.
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View and make changes on a subject for all assigned teammates, regardless of their account permission level.