The results of ab initio calculations of the spin-polarized band structure of graphene on silicon carbide intercalated with cobalt and silicon atoms are presented. It is shown that metal and silicon atoms during intercalation are localized between the substrate and the buffer layer of carbon atoms. Initially, the cobalt layer is strongly coupled with the buffer layer. The subsequent intercalation of silicon and the formation of cobalt silicide leads to a transition from hybridized state to the formation of quasi-freestanding bilayer graphene on the surface of the system due to the transformation of the buffer layer to the second graphene layer.