The capacity of pipelines to resist collapse under external pressure and bending moment is a major aspect of deepwater pipeline design. Existing design codes present interaction equations that quantify pipeline capacities under such loadings, although reasonably accurate, are based on empirical data fitting of the bending strain, and assumed simplistic interaction with external pressure collapse. The rational model for collapse of deepwater pipelines, which are relatively thick with a diameter-to-thickness ratio less than 40, provides a unique theoretical basis since it is derived from first principles such as force equilibrium and compatibility equations. This paper presents the rational model methodology and compares predicted results and recently published full scale experimental data on the subject. Predictive capabilities of the rational model are shown to be excellent. The methodology is extended for the problem of pipeline collapse under point load, longitudinal bending and external pressure. Due to its rational derivation and excellent prediction capabilities, it is recommended that design codes adopt the rational model methodology.