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Pet peeve: really wish people would stop using the terminology D-4 (most especially the media and administrative folks). It's not really a fourth division. It's a third sub-division that will [potentially] have some autonomy that expands beyond football.
Unfortunately, though, even Mike Slive uttered the phrase, so now it's an epidemic haha.
Implementation of "P5-defined" autonomy would be the third sub-division. However, if they don't get it as defined, Slive is suggesting (threatening) a division that operates separately from D-1 (but may still be under the umbrella of the NCAA). It could just be posturing for the sake of negotiation, but he is suggesting another division altogether.
I just don't see how they separate cleanly from the AAC if all members of the conference agree to play by the same rules as the P5. We'll know more in a few months.