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No, the request for more autonomy is merely under the guise of remaining in a system as-is, except for expanded voting powers. The "Division IV" that Slive mentions is actually a new subdivision.
The autonomy requested is just a pretense to wind up going to the new subdivision. They're going to act like they're working to keep FBS together in the meantime, if schools are willing to grant autonomy. If (when) it doesn't happen, they'll create a third Division I subdivision (which is being phrased as Division 4)
Edit: they've been discussing a need for another subdivision at their annual meetings and in newsletters for the past three seasons. But these threats are the first time they've mentioned the division in public. First, they need to make it look like they tried to make this current arrangement work, but when schools are unable or unwilling to grant the autonomy necessary to cater to athletes' interests, they'll then create the new subdivision.
It depends on how you're defining sub-division. Currently the P5 are asking for autonomy within Division 1. Whether it's crafted as a group of conferences operating under a different set of rules or whether a new name is coined for the P5, it's still a subdivision. Slive is going beyond that (as punishment for watered-down autonomy) "suggesting" a separation akin to D-1 and D-2. Most people feel that it's unlikely they create a new division because it comes with both baggage and risk. With regard to your edits, the subdivision they've been discussing over the past three seasons have been within D-1 under the umbrella of the NCAA. However, they've also kicked around both publicly and privately the notion of a new division altogether.