Cognitive radio offers a flexible and efficient utilization of radio frequency resources by dynamic spectrum sharing as required in next gen (5G) architecture of wireless communication. The channel allocation time, probability of false alarm detection and spectral efficiency are the major performance parameters to characterize a spectrum sharing technique. This paper presents modified energy detection based dynamic channel allocation technique based on sensing the power spectral density of idle spectrum bands i.e. spectrum hole. Receiver operating characteristics (ROC) curves have been used to analyze the detector performance of sensing with respect to probability false alarm at different values of SNR. Allocation of unoccupied bands to the SUs has been done by coalition based cooperative game, which provides SUs with an incentive to cooperate. Based on their worth, SUs get payoffs which have been computed using Shapely values as a one-point solution. Vickrey–Clarke–Groves (VCG) auction mechanism has been used to allocate the spectrum resources fairly to each user. On the basis of allocation time, the present model for dynamic spectrum access appears to be more efficient as compared to the conventional opportunistic spectrum access model.