John Infante yesterday explained the mechanics of how this will work out.
Basically the P5 will define legislation/practices/protocol that can be adopted by the other 27 conferences in D1, if they so chose.
Each P5 school will appoint one representative and each of those conferences will appoint three student-athletes representative. Those 80 will vote on new/amended rules/legislation.
This group will physically meet at least once a year, probably in conjunction with the annual NCAA meeting.
A two third majority is needed for any proposal to pass and at the majority of representative in at least four conferences must also be in favor.
The group may also meet either in person or through teleconferencing as needed.
If the legislation is deemed 'permissive" than the 27 other conferences can adopt the measure immediately. If it is deemed, "actionable" than those conferences will go through the normal legislative process in existence. Both Dodd and Infante define each of those areas.
The NCAA board is expected to approve these proposals and will forward them to all 351 schools in D1 for review and comment. The Board will meet again in August to vote on the final proposal. Since non-P5 conferences will not be required to adopt any P5 decisions, unless the choose to do so, the P5 are expected to have autonomy by the start of the football season.
Dodd:
http://www.cbssports.com/collegefootball/writer/dennis-dodd/24532563/autonomy-defined-ncaa-boards-agenda-for-change-this-week
Infante:
http://www.athleticscholarships.net/2014/04/18/board-of-directors-agenda-fleshes-out-autonomy-system.htm