NCAA Division I Board of Directors aims to restructure division this summer

Wake Forest President Nathan Hatch is the chair of the Division I Board of Directors. (Jamie Squire/Getty Images)

The NCAA Division I Board of Directors on Thursday endorsed a new governance model that would give more decision-making autonomy to the five power conferences -- the ACC, Big 12, Big Ten, Pac 12 and SEC.

According to the release, the five conferences would have autonomy over areas including financial aid, insurance, academic support and paying for family travel. Recruiting and transfer issues could also fall under these rules.

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The board says it will listen to membership feedback over the summer before voting on final recommendations in August.