AbstractModels of cognitive function typically focus on the cerebral cortex and hence overlook functional links to subcortical structures. This view does not consider the role of the highly-conserved ascending arousal system’s role and the computational capacities it provides the brain. We test the hypothesis that the ascending arousal system modulates cortical neural gain to alter the low-dimensional energy landscape of cortical dynamics. Here we use spontaneous functional magnetic resonance imaging data to study phasic bursts in both locus coeruleus and basal forebrain, demonstrating precise time-locked relationships between brainstem activity, low-dimensional energy landscapes, network topology, and spatiotemporal travelling waves. We extend our analysis to a cohort of experienced meditators and demonstrate locus coeruleus-mediated network dynamics were associated with internal shifts in conscious awareness. Together, these results present a view of brain organization that highlights the ascending arousal system’s role in shaping both the dynamics of the cerebral cortex and conscious awareness.