In cooperative spectrum sensing (CSS), a multibit combination rule shows better sensing performance than one-bit hard combination rules at the sacrifice of the reporting overhead. To overcome the tradeoff between the sensing performance and the reporting overhead, we propose a novel group-based multibit CSS scheme with a limited reporting overhead. The proposed scheme adopts contention-based reporting to restrain the reporting overhead while achieving multiuser diversity with an increased number of secondary users (SUs). Moreover, SUs report one-bit sensing results to a fusion center instead of sending multibit quantization information, and the rest of the information is embedded in the time slot. The simulation results demonstrate that, as the number of SUs increases, the proposed scheme improves the sensing performance and the average throughput of SUs, whereas the conventional one-bit or multibit combination schemes show a tradeoff between the sensing performance and the throughput of SUs.