The awake cortex exhibits diverse non-rhythmic network states. However, how these states emerge and how each state impacts network function is unclear. Here, we demonstrate that model networks of spiking neurons with moderate recurrent interactions display a spectrum of non-rhythmic asynchronous dynamics based on the level of afferent excitation, from afferent input-dominated (AD) regimes, characterized by unbalanced synaptic currents and sparse firing, to recurrent input-dominated (RD) regimes, characterized by balanced synaptic currents and dense firing. The model predicted regime-specific relationships between different neural biophysical properties, which were all experimentally validated in the somatosensory cortex (S1) of awake mice. Moreover, AD regimes more precisely encoded spatiotemporal patterns of presynaptic activity, while RD regimes better encoded the strength of afferent inputs. These results provide a theoretical foundation for how recurrent neocortical circuits generate non-rhythmic waking states and how these different states modulate the processing of incoming information.