The prevailing interpretations of physics are based on deeply entrenched assumptions, rooted in classical mechanics. Logical implications include: the denial of entropy as a fundamental physical property, and the inability to explain irreversible change, random quantum measurements, or nonlocality without untestable and implausible metaphysical implications. We propose a conceptual model that is based on empirically justifiable assumptions and consistent with observations. The WYSIWYG Conceptual Model (WCM) assumes no hidden properties: “What You can See Is What You Get.” The WCM contextually defines a system’s state with respect to its actual ambient background, and it extends existing models of physical reality by defining entropy and exergy as objective contextual properties of state. The WCM establishes the irreversible dissipation of exergy and the Second law of thermodynamics as a fundamental law of physics, it recognizes physical randomness, and it provides a physical explanation for nonlocality, consistent with Special Relativity, without hidden variables, superdeterminism, or “spooky action.”