Mixed-criticality models are an emerging paradigm for the design of real-time systems because of their significantly improved resource efficiency. However, formal mixed-criticality models have traditionally been characterized by two impractical assumptions: once \textit{any} high-criticality task overruns, \textit{all} low-criticality tasks are suspended and \textit{all other} high-criticality tasks are assumed to exhibit high-criticality behaviors at the same time. In this paper, we propose a more realistic mixed-criticality model, called the flexible mixed-criticality (FMC) model, in which these two issues are addressed in a combined manner. In this new model, only the overrun task itself is assumed to exhibit high-criticality behavior, while other high-criticality tasks remain in the same mode as before. The guaranteed service levels of low-criticality tasks are gracefully degraded with the overruns of high-criticality tasks. We derive a utilization-based technique to analyze the schedulability of this new mixed-criticality model under EDF-VD scheduling. During runtime, the proposed test condition serves an important criterion for dynamic service level tuning, by means of which the maximum available execution budget for low-criticality tasks can be directly determined with minimal overhead while guaranteeing mixed-criticality schedulability. Experiments demonstrate the effectiveness of the FMC scheme compared with state-of-the-art techniques.