The NCAA Board of Directors has approved a proposal to grant the five Division I "power conferences" with the autonomy to govern themselves more freely.

According to USA Today, the vote was decided Thursday at the NCAA's Indianapolis, Ind. headquarters by 16 in favor against two opposed. The proposal now has a 60-day period in which the vote can be struck down, though that appears unlikely.

"I am immensely proud of the work done by the membership. The new governance model represents a compromise on all sides that will better serve our members and, most importantly, our student-athletes," NCAA President Mark Emmert said in a statement. "These changes will help all our schools better support the young people who come to college to play sports while earning a degree."

Athletic directors and coaches in the ACC, Big Ten, Big 12, Pac-12 and SEC have previously expressed interest in going beyond the "cost of attendance" for their scholarship student-athletes. One of the first major changes expected for the Power Five will be to increase the value of a scholarship.

The Power Five will now have to agree on what the actual "full cost of attendance" should include. ESPN reported the group could begin introducing legislation by Oct. 1, meaning new rules would be implemented by Jan. 2015.

Other changes expected include relaxing rules against agents interacting with athletes, guaranteed four-year scholarships and a travel allowance for players to bring their families to home games. The new DI Council will not be able to affect on-field rules, the postseason, signing day and transfer guidelines.

"Today's vote marks a significant step into a brighter future for Division I athletics," Nathan Hatch, board chair and Wake Forest University president, said in the NCAA's statement. "We hope this decision not only will allow us to focus more intently on the well-being of our student-athletes but also preserve the tradition of Division I as a diverse and inclusive group of schools competing together on college athletics' biggest stage."