The Merdeka Belajar–Kampus Merdeka (Freedom to Learn–Independent Campus, MBKM) policy requires study programs to design curricula that give students flexibility to learn across study programs, campuses, and the world of work, while Outcome-Based Education (OBE) requires curricula to be designed backward from the graduate profile and graduate learning outcomes (GLOs) rather than from an existing course list. The Indonesian Language and Literature Education (PBSI) Study Program at Universitas Hamzanwadi, treated as the single case in this study, faces a dual challenge: adapting its curriculum to MBKM flexibility while maintaining the traceability of learning outcomes from the GLO level down to the course level. This article analyzes the alignment of the PBSI curriculum with OBE principles, maps how MBKM activities are integrated into graduate learning outcomes, and proposes a curriculum reconstruction model reconciling MBKM flexibility with OBE accountability. Using a qualitative single-case study design, data were drawn from the program's official documents—graduate profile, GLOs, course distribution, semester learning plans, and MBKM credit-conversion guidelines—analyzed through content analysis and interpreted via the OBE, constructive alignment, and MBKM frameworks. Findings show the curriculum has generally adopted the Indonesian National Qualification Framework and accommodates MBKM activities, but outcome traceability from the graduate level to the course level, especially for MBKM-converted courses, still needs strengthening. The article proposes a three-stage reconstruction model: re-mapping GLOs, constructing a GLO-course alignment matrix, and strengthening MBKM recognition and assessment mechanisms. The implication is that the PBSI curriculum can remain flexible in accommodating MBKM without sacrificing the graduate-quality accountability central to OBE.