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From ESPN....bold emphasis mine.
"In fact, what once seemed like an idle threat now seems like a very plausible scenario: Schools in the ACC, Big Ten, Big 12, Pac-12 and SEC might break away from the rest of the FBS leagues and form their own federation within the current NCAA structure. Such a move would allow the schools and their conferences to write and approve their own rules, such as increasing the value of scholarships to meet the full cost of attendance, reforming recruiting rules and overhauling the way they investigate and punish rule breakers."
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They can't form their own thing within the NCAA structure, not without clear rules as to who can join and who must leave such a division.