Despite various planning efforts, airspace capacity can sometimes be exceeded, typically because of disruptive events. Air traffic flow management (ATFM) is the process of managing flights in this situation. In this paper, we present an ATFM model that accounts for different rerouting options (path rerouting and diversion) and preexisting en route flights. The model proposes having a central authority to control all decisions, which is then compared with current practice. We also consider interflight and interairline fairness measures in the network. We use an exact approach to solve small- to medium-sized instances, and we propose a modified fix-and-relax heuristic to solve large-sized instances. Allowing a central authority to control all decisions increases network efficiency compared with the case where the ATFM authority and airlines control decisions independently. Our experiments show that including different rerouting options in ATFM can help reduce delays by up to 8% and cancellations by up to 23%. Moreover, ground delay cost has much more impact on network decisions than air delay cost, and network decisions are insensitive to changes in diversion cost. Furthermore, the analysis of the tradeoff between total network cost and overtaking cost shows that adding costs for overtaking can significantly improve fairness at only a small increase in total system cost. A balanced total cost per flight among airlines can be achieved at a small increase in the network cost (0.2%–3.0%) when imposing airline fairness. In conclusion, the comprehensiveness of the model makes it useful for analyzing a wide range of alternatives for efficient ATFM.