A novel approach, which combines spectrum adaptation and orthogonal frequency division multiplexing (OFDM), is proposed to share the licensed spectrum dynamically for cognitive radio systems. Given spectrum sensing and channel estimation information by the receiver, an improved model due to signal power thresholds is adopted to achieve spectrum adaptation for unlicensed users. In order to efficiently allocate the unlicensed signal power, a dynamic power allocation algorithm is also proposed. Simulation results indicate that the propositional scheme solves the partial interference problem of interference temperature model (ITM) and improves the spectrum utilization.