In this paper, we propose a decentralized access control scheme for interference management in device-to-device (D2D) underlaid cellular networks. Our method combines signal-to-interference ratio (SIR)-aware link activation with cellular guard zones in a system, where D2D links opportunistically access the licensed cellular spectrum when the activation conditions are satisfied. Analytical expressions for the success/coverage probability of both cellular and D2D links are derived. We characterize the impact of the guard zone radius and the SIR threshold on the D2D potential throughput and cellular coverage. A tractable approach is proposed to find the SIR threshold and guard zone radius that maximize the potential throughput of the D2D communication while ensuring sufficient coverage probability for the cellular uplink users. Simulations validate the accuracy of our analytical results and show the performance gain of the proposed scheme compared to prior state-of-the-art solutions.