Schools in the five NCAA Division I "Power Conferences" have passed legislation to allow themselves to offer full cost-of-attendance scholarships.

According to ESPN, the Power 5 governance board had their first ever meeting this weekend at the NCAA Convention. Thanks to an NCAA policy passed last summer, the ACC, Big Ten, Big 12, Pac-12 and SEC can pass their own governance rules with greater autonomy.

As was believed to be their first matter of business, the Power 5 made history and student-athlete, for the first time ever, will have scholarships that pay for more than just tuition, room and board.

"It's a big day for student-athletes," Big 12 commissioner Bob Bowlsby said at the convention, according to ESPN. "The benefits now available to student-athletes are more significant. This is a big step forward and a response to a changing circumstance for the 21st-century athlete."

Only one committee member out of 80 voted against the legislation, a representative of Boston College (BC), USA Today reported. In a statement released after the vote, BC argued the "legislation further segregates student-athletes from the general student population by increasing aid without need-based consideration."

In Division I, football and basketball - men's and women's - generate billions of dollars in revenue, television deals and sponsorships. As a result of all the exposure and media coverage, many student-athletes become public figures, but NCAA policies strictly forbid them from profiting in any fashion from their name, image and likeness.

The Power 5 governance board, which should continue to pass legislation favoring their student-athletes, is just part of major changes heading the NCAA's way. In Judge Claudia Wilken's decision in the Ed O'Bannon vs. NCAA case, she ruled the NCAA must allow student-athletes to profit off their name, image and likeness, but with a cap.

"They clearly participated," Big Ten commissioner Jim Delany said of the 15 students sitting on the board, according to ESPN. "They clearly impacted people. I would say, going forward, if you're interested in your proposal having a good chance of passing, you need to bring them into the construction of the proposal process.

"Their voice is even more powerful than their number."