Conventional Generative Adversarial Networks (GANs) for Single Image Super-Resolution (SISR) often struggle with hallucinated artifacts, largely because standard discriminators evaluate overall image naturalness rather than strict conditional realism. To address this, we propose MaCo-GAN, a novel manifold-contrastive GAN framework that replaces the conventional adversarial loss with a supervised contrastive objective. A core component of our method is a dynamic fake sample synthesizer that transforms ground truth (GT) data into a spectrum of challenging, perceptually plausible fake images that strictly maintain low-resolution (LR) correspondence. Utilizing these synthesized samples, we establish a robust contrastive minimax game: the generator is trained to attract its predictions toward on-manifold fakes (low distortion) and repel them from off-manifold fakes (high distortion), while the discriminator optimizes the exact opposite. By simply replacing the adversarial loss of a baseline SR model with our proposed objective, we demonstrate consistent improvements in the perception-distortion trade-off across various benchmarks. Extensive ablation studies validate the effectiveness of our framework and provide deep insights into the dynamics of this conditional contrastive game.