The viscosity and microstructure of Li-ion battery slurries and the performance of the resulting electrodes have been shown to depend on the mixing protocol. This work applies rheology to understand the impact of shear during mixing and polymer molecular weight on slurry microstructure and electrode performance. Mixing protocols of different shear intensity are applied to slurries of LiNi0.33Mn0.33Co0.33O2 (NMC), carbon black (CB), and polyvinyldiene difluoride (PVDF) in N-methyl-2-pyrrolidinone (NMP), using both high-molecular-weight (HMW) and low-molecular-weight (LMW) PVDF. Slurries of both polymers are observed to form colloidal gels under high-shear mixing, even though unfavorable interactions between high molecular weight PVDF and CB should prevent this microstructure from forming. Theoretical analysis and experimental results show that increasing shear rate during the polymer and particle mixing steps causes polymer scission to decrease the polymer molecular weight and allow colloidal gelation. In general, electrodes made from high molecular weight PVDF generally show increased rate capability. However, high shear rates lead to increased cell variability, possibly due to the heterogeneities introduced by polymer scission.