We present a thermodynamically consistent constitutive model for fluid-saturated sediments, spanning dense to dilute regimes, developed from the basic balance laws for two phase-mixtures. The model can represent various limiting cases, such as pure fluid and dry grains. It is formulated to capture a number of key behaviors such as: (i) viscous inertial rheology of submerged wet grains under steady shearing flows, (ii) the critical state behavior of grains, which causes granular Reynolds dilation/contraction due to shear, (iii) the viscous thickening of the fluid response due to the presence of suspended grains, and (iv) the Darcy-like drag interaction observed in both dense and dilute mixtures, which gives rise to complex fluid-grain interactions under dilation and flow. The full constitutive model is combined with the basic equations of motion for each mixture phase and implemented in the material point method (MPM) to accurately model the coupled dynamics of the mixed system. Qualitative results show the breadth of problems which this model can address. Quantitative results demonstrate the accuracy of this model as compared with analytical limits and experimental observations of fluid and grain behaviors in inhomogeneous geometries.