Since the numbers of wireless communication devices will increase significantly in the future, effective frequency utilization technologies are required for efficient and scalable communication while preventing interference. Cognitive radio is expected to be one of such technologies. In particular, network-oriented cognitive radio architecture is key to the adaptability of the network core. In this paper, we propose an opportunistic power and modulation control algorithm for the new generation network in a network-oriented cognitive radio architecture. We formulate a multi-objective mixed integer optimization problem which maximize aggregate throughput and connectivity while minimizing power consumption. Based on the simulation results, the proposed algorithm achieves better performance in terms of aggregate throughput, connectivity and reduced power consumption.