Another fine loop trip departs from the Death Canyon Trailhead, approximately three miles south of park headquarters on the Moose-Wilson Road [1]. Many hiking options are available here, with trails leading to Phelps Lake, up Open Canyon, or into Death Canyon. (The name came about when a survey party was in the area in 1899 and one of the men disappeared. He was never seen again.)
Despite the name, Death Canyon provides a wonderful 26-mile loop hike that takes you over three high passes and into spectacular alpine country.
From the trailhead, hike to Phelps Lake Overlook before dropping to a junction, where you turn right to hike up Death Canyon. Bear left at a patrol cabin built in the 1930s, and continue climbing all the way to Fox Creek Pass (9,520 feet). After this the going is fairly easy for the next three miles along Death Canyon Shelf to Mt. Meek Pass, where you drop into famous Alaska Basin [2].
Return to your starting point by climbing east from Alaska Basin over Static Peak Divide (10,800 feet) and then switchbacking downhill to the CCC cabin and the trailhead.
This is a late-season trek, because snow often blocks the passes until July; get snow conditions at the Jenny Lake Ranger Station.
Links:
[1] http://www.moon.com/destinations/yellowstone-grand-teton/grand-teton-national-park/sights/moose-wilson-road
[2] http://www.moon.com/destinations/yellowstone-grand-teton/jackson-hole/caribou-targhee-national-forest