Entropy-stabilized oxides (ESO) display a reversible entropy-driven phase transformation that can be leveraged to produce a continuum of metastable phase states, allowing for property optimization and novel functionalities. X-ray absorption spectroscopy reveals that entropic stabilization extends to the electronic structure (valence state and cation coordination) in sintered (Co,Cu,Mg,Ni,Zn)O, manifesting as a tunable lattice distortion in the entropy-stabilized phase. Co, Cu, and Zn ions reversibly transform from six-fold to four-fold coordinated structures and from low to high valence states due to the competition between electronic structures that are equilibrium and enthalpy-driven or metastable and entropy-driven. The segregation of a Cu-rich tenorite phase and a Co-rich spinel phase influences the electronic structure evolution. ESOs can adjust their electronic structures through heat treatment, providing a powerful tool for developing functional properties. These results indicate that the definition of entropy stabilization should include entropy-stabilized electronic structures, providing motivation to reassess previously studied HEO materials.