The Atlanta Journal-Constitution reports that the plan, if given final approval, would mark a drastic change in the way Georgia funds its college system.
A group appointed by Gov. Nathan Deal signed off on a draft framework Monday, though many details remain have yet to be finalized.
The amount of money colleges receive would be determined mainly by how well students progress through college and the number of degrees awarded.
The work by the Higher Education Funding Commission represents a dramatic shift from the current formula, which is driven by enrollment and how many credits students take.