diff --git a/doc/user/content/ingest-data/postgres/source-versioning.md b/doc/user/content/ingest-data/postgres/source-versioning.md
index ee372e72050ad..4778ea7ee266a 100644
--- a/doc/user/content/ingest-data/postgres/source-versioning.md
+++ b/doc/user/content/ingest-data/postgres/source-versioning.md
@@ -20,7 +20,7 @@ table schema changes seamlessly, specifically:
 
 - Adding a column in the upstream database.
 - Dropping a column in the upstream database.
-- Dropping a `PRIMARY KEY` or `UNIQUE` constraint in the upstream database.
+- Dropping a `PRIMARY KEY`, `UNIQUE`, or `NOT NULL` constraint in the upstream database.
 
 This guide walks you through how to handle these changes without any downtime in Materialize.
 
@@ -188,10 +188,8 @@ has been altered.
 
 ## Handle upstream constraint drop
 
-{{< warn-if-unreleased "v26.42" >}}
-
 {{< public-preview >}}
-Excluding constraints with `EXCLUDE CONSTRAINTS` or `EXCLUDE ALL CONSTRAINTS`
+Excluding constraints with `EXCLUDE CONSTRAINTS`, `EXCLUDE ALL NOT NULL CONSTRAINTS`, or `EXCLUDE ALL CONSTRAINTS`
 {{< /public-preview >}}
 
 Materialize ignores the following constraints: foreign key, `CHECK`, and
@@ -215,14 +213,43 @@ CREATE TABLE v4.T
 
 Materialize does not record the excluded constraint as a key of `v4.T`.
 
+#### Excluding nullability constraints
+
 `EXCLUDE CONSTRAINTS` only accepts `PRIMARY KEY` and `UNIQUE` constraint
-names. A `NOT NULL` constraint on a specific column cannot be excluded by
-name. To drop a `NOT NULL` constraint safely, use `EXCLUDE ALL CONSTRAINTS`
-instead, which records no constraints at all: the table has no keys and every
-column is nullable, so any later constraint drop is safe.
+names. Individual `NOT NULL` constraints cannot be excluded by name. To drop
+`NOT NULL` constraints safely, use `EXCLUDE ALL NOT NULL CONSTRAINTS`:
 
 ```sql
 CREATE SCHEMA v4;
+CREATE TABLE v4.T
+    FROM SOURCE my_source(REFERENCE public.T) WITH (EXCLUDE ALL NOT NULL CONSTRAINTS);
+```
+
+Note that when excluding `NOT NULL` constraints:
+
+- Primary key columns remain `NOT NULL`, unless the primary key is also
+  excluded with `EXCLUDE CONSTRAINTS`.
+- Columns in a `UNIQUE` constraint become nullable. This means Materialize no
+  longer uses that constraint as a key when optimizing queries, which might
+  reduce query performance. `UNIQUE NULLS NOT DISTINCT` constraints
+  (PostgreSQL 15+) are still used as keys.
+- `PRIMARY KEY` and `UNIQUE` constraints are still recorded. Dropping one
+  upstream still puts the table into an error state unless it is also
+  excluded:
+
+  ```sql
+  CREATE TABLE v4.T
+      FROM SOURCE my_source(REFERENCE public.T)
+      WITH (EXCLUDE ALL NOT NULL CONSTRAINTS, EXCLUDE CONSTRAINTS ('t_pkey'));
+  ```
+
+#### Excluding all constraints
+
+To record no constraints at all, use `EXCLUDE ALL CONSTRAINTS`: the table has
+no keys and every column is nullable, so any later constraint drop is safe.
+Queries that relied on those keys for optimization may run slower.
+
+```sql
 CREATE TABLE v4.T
     FROM SOURCE my_source(REFERENCE public.T) WITH (EXCLUDE ALL CONSTRAINTS);
 ```
diff --git a/doc/user/data/examples/create_table_postgres.yml b/doc/user/data/examples/create_table_postgres.yml
index 8881822c8dfbd..f71b1ee27c4d4 100644
--- a/doc/user/data/examples/create_table_postgres.yml
+++ b/doc/user/data/examples/create_table_postgres.yml
@@ -10,6 +10,7 @@
       | EXCLUDE COLUMNS (<column_name> [, ...])
       | EXCLUDE CONSTRAINTS ('<constraint_name>' [, ...])
       | EXCLUDE ALL CONSTRAINTS
+      | EXCLUDE ALL NOT NULL CONSTRAINTS
       | PARTITION BY (<column_name> [, ...])
       [, ...]
     )]
@@ -67,8 +68,9 @@
         |--------|-------------|
         | `TEXT COLUMNS (<column_name> [, ...])` |*Optional.* If specified, decode data as `text` for the listed column(s),such as for unsupported data types. See also [supported types](#supported-data-types). |
         | `EXCLUDE COLUMNS (<column_name> [, ...])`| *Optional.* If specified,exclude the listed column(s) from the table, such as for unsupported data types. See also [supported types](#supported-data-types).|
-        | `EXCLUDE CONSTRAINTS ('<constraint_name>' [, ...])` | ***Public preview.** This option is under active development and may have stability or performance issues.* *Optional.* If specified, do not record the listed upstream `PRIMARY KEY` or `UNIQUE` constraint(s) as keys of the table, so that dropping them upstream does not put the table into an error state. Constraint names are string literals matched exactly, including case. `NOT NULL` constraints cannot be excluded by name, use `EXCLUDE ALL CONSTRAINTS` instead. See [Handle upstream constraint drop](/ingest-data/postgres/source-versioning/#handle-upstream-constraint-drop). |
-        | `EXCLUDE ALL CONSTRAINTS` | ***Public preview.** This option is under active development and may have stability or performance issues.* *Optional.* If specified, record no upstream constraints: the table has no keys and every column is nullable, so dropping any `PRIMARY KEY`, `UNIQUE`, or `NOT NULL` constraint upstream does not put the table into an error state. Cannot be combined with `EXCLUDE CONSTRAINTS`. |
+        | `EXCLUDE CONSTRAINTS ('<constraint_name>' [, ...])` | ***Public preview.** This option is under active development and may have stability or performance issues.* *Optional.* If specified, do not record the listed upstream `PRIMARY KEY` or `UNIQUE` constraint(s) as keys of the table, so that dropping them upstream does not put the table into an error state. Constraint names are string literals matched exactly, including case. `NOT NULL` constraints cannot be excluded by name; use `EXCLUDE ALL NOT NULL CONSTRAINTS` instead. See [Handle upstream constraint drop](/ingest-data/postgres/source-versioning/#handle-upstream-constraint-drop). |
+        | `EXCLUDE ALL CONSTRAINTS` | ***Public preview.** This option is under active development and may have stability or performance issues.* *Optional.* If specified, record no upstream constraints: the table has no keys and every column is nullable, so dropping any `PRIMARY KEY`, `UNIQUE`, or `NOT NULL` constraint upstream does not put the table into an error state. Cannot be combined with `EXCLUDE CONSTRAINTS`. To keep keys and only relax nullability, use `EXCLUDE ALL NOT NULL CONSTRAINTS` instead. |
+        | `EXCLUDE ALL NOT NULL CONSTRAINTS` | ***Public preview.** This option is under active development and may have stability or performance issues.* *Optional.* If specified, ingest every column as nullable, so that dropping any `NOT NULL` constraint upstream does not put the table into an error state. `PRIMARY KEY` and `UNIQUE` constraints are still recorded; to drop one of those safely, also list it in `EXCLUDE CONSTRAINTS`. Columns in a `PRIMARY KEY` remain `NOT NULL`, unless the primary key is also excluded with `EXCLUDE CONSTRAINTS`. Columns in a `UNIQUE` constraint become nullable, so that constraint is no longer used as a key for query optimization, unless it is a `UNIQUE NULLS NOT DISTINCT` constraint. See [Handle upstream constraint drop](/ingest-data/postgres/source-versioning/#handle-upstream-constraint-drop). |
         | `PARTITION BY (<column_name> [, ...])` | {{< include-md file="content/headless/partition-by-option-description.md" >}} |
   results: |
     {{< include-md