Check out the whole thing, but especially pages 11-14. From the document, page 12:
"Legislative Autonomy • Defined as the ability, within the current NCAA structure, for the SEC, B1G, PAC-12, ACC and Big 12 conferences and their institutions to adopt reforms in a regulatory structure that respects the demands on student-athletes in the 21st century and acknowledges the need for these conferences/institutions to define rules that address their unique challenges."
What does it mean? Well, it looks like a new super-division is on the verge of being created, a level above FBS. The NCAA Tournament will seemingly be unaffected, as the split will likely be in football only, but this whole thing is just in its beginning stages, and who knows what the situation might develop into. It will be interesting to see how conferences like the AAC and MWC react to these proposals.