Submarine channels are conduits for the transfer of material to deep water by sediment gravity flows. Some channels clearly show meandering patterns in planform that have attracted comparisons with fluvial systems. Many submarine channels, however, are aggradational. Transitions from meandering (at grade) channels to aggradational channels have been described in the subsurface, from seismic data. A field example is presented here in which these meandering and aggradational states may alternate several times during the overall development of a fourth‐order sequence before the system is temporarily or permanently abandoned. This implies a change in flow state from one where successive flows behave similarly over extended periods, to one in which the flow parameters are progressively changing. The cause of these cyclic changes is unclear. The generation of sedimentary architectures so strikingly comparable to those of meandering fluvial systems provides strong evidence in favour of stably stratified, essentially two‐layer flows, in which the lower high‐density part is channel‐confined, with a normal (i.e. fluvial‐like) secondary circulation, and the upper, low‐density part extends onto the overbank regions adjacent to the channel, with minimal mixing and entrainment. Such flows are described as subcritical, in line with published experimental and numerical work, allowing that the critical Froude number in such settings may not be unity. The switch to an aggradational state may be linked to changes in flow criticality, but the ultimate driver for these alternations in flow properties remains unknown.