Phospholamban (PLN) is a mini-membrane protein that directly controls the cardiac Ca2+-transport response to β-adrenergic stimulation, thus modulating cardiac output during the fight-or-flight response. In the sarcoplasmic reticulum membrane, PLN binds to the sarco(endo)plasmic reticulum Ca2+-ATPase (SERCA), keeping this enzyme’s function within a narrow physiological window. PLN phosphorylation or increase in Ca2+ concentration reverses the inhibitory effects. Despite a plethora of X-ray studies, the structural mechanism of SERCA regulation by PLN remains unknown. Using solid-state NMR spectroscopy and replica-averaged NMR-restrained structural refinement, we found that the transmembrane region of PLN is in equilibrium between inhibitory and non-inhibitory topologies within SERCA’s binding groove. Phosphorylation of PLN at Ser16, or increase in Ca2+ concentration, shifts the equilibrium toward the non-inhibitory topologies, augmenting Ca2+ transport and muscle contractility. This type of allosteric regulation, via topological changes (topological allostery), may constitute a general mechanism for the other regulins that modulate SERCA activity in cardiac and skeletal muscle.