Functional imaging paradigms hold great promise as biomarkers for schizophrenia research as they can detect altered neural activity associated with the cognitive and emotional processing deficits that are so disabling to this patient population. In an attempt to identify the most promising functional imaging biomarkers for research on long-term memory (LTM), the Cognitive Neuroscience Treatment Research to Improve Cognition in Schizophrenia (CNTRICS) initiative selected "item encoding and retrieval," "relational encoding and retrieval," and "reinforcement learning" as key LTM constructs to guide the nomination process. This manuscript reports on the outcome of the third CNTRICS biomarkers meeting in which nominated paradigms in each of these domains were discussed by a review panel to arrive at a consensus on which of the nominated paradigms could be recommended for immediate translational development. After briefly describing this decision process, information is presented from the nominating authors describing the 4 functional imaging paradigms that were selected for immediate development. In addition to describing the tasks, information is provided on cognitive and neural construct validity, sensitivity to behavioral or pharmacological manipulations, availability of animal models, psychometric characteristics, effects of schizophrenia, and avenues for future development.