A central topic in the cognitive sciences is how cognitive control is adjusted flexibly to changing environmental demands at different time scales to produce goal-oriented behavior. According to an influential account, the context-sensitive recruitment of cognitive control is mediated by a specialized conflict monitoring process that registers current conflict and signals the demand for enhanced control in subsequent trials. This view has been immensely successful not least due to supporting evidence from neuroimaging studies suggesting that the conflict monitoring function is localized within the anterior cingulate cortex (ACC) which, in turn, signals the demand for enhanced control to the prefrontal cortex (PFC). In this article, we propose an alternative model of the adaptive regulation of cognitive control based on multistable goal attractor network dynamics and adjustments of cognitive control within a conflict trial. Without incorporation of an explicit conflict monitoring module, the model mirrors behavior in conflict tasks accounting for effects of response congruency, sequential conflict adaptation, and proportion of incongruent trials. Importantly, the model also mirrors frequency tagged EEG data indicating continuous conflict adaptation and suggests a reinterpretation of the correlation between ACC and the PFC BOLD data reported in previous imaging studies. Together, our simulation data propose an alternative interpretation of both behavioral data as well as imaging data that have previously been interpreted in favor of a specialized conflict monitoring process in the ACC.