Existing deep image watermarking methods follow a fixed embedding-distortion-extraction pipeline, where the embedder and extractor are weakly coupled through a final loss and optimized in isolation. This design lacks explicit collaboration, leaving no structured mechanism for the embedder to incorporate decoding-aware cues or for the extractor to guide embedding during training. To address this architectural limitation, we rethink deep image watermarking by reformulating embedding and extraction as explicitly collaborative components. To realize this reformulation, we introduce a Collaborative Interaction Mechanism (CIM) that establishes direct, bidirectional communication between the embedder and extractor, enabling a mutual-teacher training paradigm and coordinated optimization. Built upon this explicitly collaborative architecture, we further propose an Adaptive Feature Modulation Module (AFMM) to support effective interaction. AFMM enables content-aware feature regulation by decoupling modulation structure and strength, guiding watermark embedding toward stable image features while suppressing host interference during extraction. Under CIM, the AFMMs on both sides form a closed-loop collaboration that aligns embedding behavior with extraction objectives. This architecture-level redesign changes how robustness is learned in watermarking systems. Rather than relying on exhaustive distortion simulation, robustness emerges from coordinated representation learning between embedding and extraction. Experiments on real-world and AI-generated datasets demonstrate that the proposed method consistently outperforms state-of-the-art approaches in watermark extraction accuracy while maintaining high perceptual quality, showing strong robustness and generalization.