Looks like this will be the start to a new division in the NCAA, or a complete break away for the 5 conferences.
http://www.ncaa.org/about/resources/media-center/news/board-adopts-new-division-i-structure
The Division I Board of Directors today restructured how schools and conferences will govern themselves, paving the way for student-athletes to have a voice – and a vote – at every level of decision-making.
http://www.ncaa.org/about/resources/media-center/news/board-adopts-new-division-i-structure