Studies are underway to identify and characterize a design point for a Next Step Spherical Torus (NSST) experiment. This would be a ''Proof of Performance'' device which would follow and build upon the successes of the National Spherical Torus Experiment (NSTX) a ''Proof of Principle'' device which has operated at PPPL since 1999. With the Decontamination and Decommissioning (D&D) of the Tokamak Fusion Test Reactor (TFTR) nearly completed, the TFTR test cell and facility will soon be available for a device such as NSST. By utilizing the TFTR test cell, NSST can be constructed for a relatively low cost on a short time scale. In addition, while furthering spherical torus (ST) research, this device could achieve modest fusion power gain for short-pulse lengths, a significant step toward future large burning plasma devices now under discussion in the fusion community. The selected design point is Q=2 at HH=1.4, P subscript ''fusion''=60 MW, 5 second pulse, with R subscript ''0''=1.5 m, A=1.6, I subscript ''p''=10vMA, B subscript ''t''=2.6 T, CS flux=16 weber. Most of the research would be conducted in D-D, with a limited D-T campaign during the last years of the program.