Investigations into the neural correlates of memory have found the hippocampus to be a crucial structure for long-term declarative memories, but the exact nature of this contribution remains under debate. This paper covers three theories concerned with how the hippocampus is involved in long-term memory, namely the Standard Consolidation Model, the Multiple-Trace Theory, and the Distributed Reinstatement Theory. According to the Standard Consolidation Model, long-term declarative memories (both episodic and semantic) are dependent on the hippocampus for a limited time during which the memories undergo a process of consolidation, after which they become dependent on the neocortex. In contrast, the Multiple-Trace Theory argues that detailed and context-specific episodic (but not semantic) memories remain dependent on the hippocampus indefinitely. While both the aforementioned theories posit that memories are initially dependent on the hippocampus, the Distributed Reinstatement Theory does not. Advocates of this theory propose that several memory systems compete for the encoding of a memory, and that the hippocampus usually is the dominant system. However, it is also suggested that the other (unspecified) memory systems can overcome the hippocampal dominance through extensive and distributed learning sessions. In this paper, findings from both human and rodent studies focusing on the hippocampus are reviewed and used to evaluate the claims made by each theory on a systems level.