For the past several years I have been using the Trager Cross Country laptop bag as my daily work bag and travel bag. Unfortunately, the Trager site doesn't actually have photos of what the bag looks like open. Also my bag has the Trager logo on the water bottle compartment instead of directly in the middle of the bag.

Trager list price is $140, but a quick google brings up a number of options.
Ebags and Travel in Style have a photo which shows it open however.

Shoebuy has the price at $109, but if you look for a coupon odds are you can get it for another $20 off.

It is a compact convertible vertical backpack that comes with shoulder strap. Due to its construction, it definitely helps me keep organized when traveling. It has served me well and still looks as new as when I received it.

Good luck on your quest.