The Thermal Earth Resource Monitoring Instrument (THERMI) has been designed to meet stringent Landsat heritage requirements with reduced size, weight and power (SWaP). The instrument design provides Earth resource monitoring through the use of two long-wave infrared bands that measure the land surface temperatures. These bands are especially valuable for monitoring water resources and water use. Instrument subsystems, including electronics, cryocooler, thermal management, optical telescope assembly, focal plane module, in-flight calibrator, and scene select mirror were studied and conceptually designed to reduce overall THERMI SWaP. Reductions in SWaP make it possible for THERMI to fit on a small satellite bus with room available for an additional optical instrument. Since mission cost historically correlates well with mass and power on-orbit, it is expected that significant cost savings will result from the predicted SWaP reductions.