The vast majority of cortical synapses are found in the neuropil which is implicated in multiple and diverse functions underlying brain computation. Unraveling the organizing principles of the cortical neuropil requires an intricate characterization of synaptic connections established by excitatory and inhibitory axon terminals, of intrinsic and extrinsic origin and from ascending projections that govern the function of cortical microcircuits through the release of neuromodulators either through point-to-point chemical synapses or diffuse volume transmission (VT). Even though neuromodulatory release has been studied for almost a century it is still not clear if one modality prevails upon the other. The hindlimb representation of the somatosensory cortex (HLS1) of two-week old Wistar rats has served as a model system to dissect the microcircuitry of neurons and their synaptic connections. In the present study, we quantified the fiber length per cortical volume and the density of varicosities for cholinergic, catecholaminergic and serotonergic neuromodulatory systems in the cortical neuropil using immunocytochemical staining and stereological techniques. Acquired data were integrated into a novel computational framework to reconcile the specific modalities and predict the effects of neuromodulatory release in shaping neocortical network activity. We predict that acetylcholine (ACh), dopamine (DA), serotonin (5-HT) release desynchronizes cortical activity by inhibiting slow oscillations (delta range), and that 5-HT triggers faster oscillations (theta). Moreover, we found that high levels (>40%) of neuromodulatory VT are sufficient to induce network desynchronization, but also that combining volume release with synaptic inputs leads to more robust and stable effects, meaning that lower levels of VT are needed to achieve the same outcome (10%).