A multi-mode muffler for an exhaust system of an internal combustion engine provides a rotary plate that modulates exhaust gas flow between a first and second flow path. Each flow path may provide different sound dampening characteristics, thereby providing different sound profiles with the same muffler. In a disclosed embodiment, the rotary plate is driven by a shaft coupled to an external actuator. Also, a third possible position of the rotary plate may allow flow through both the first and second flow paths, thereby providing a third possible noise profile. One of the sound profiles may be louder than the other thereby allowing the muffler to switch between “loud” and “quiet” modes of operation.