Saw this explanation on another board regarding FSU's lawsuit:
If you have read the GOR it is TIED TO THE ESPN media contract ... that was the purpose of the GOR. ESPN's current media commitment expires on 6/27, so it is actually in effect for only seasons 24,25,26 UNLESS THEY EXTEND the current contract at the current media payout of roughly $40M per school. If ESPN does not exercise the extension option by 2/25 then the media agreement ends ... and new one would have to be negotiated with either ESPN or other media carrier ... and a new GOR signed by parties in favor.
A prime purpose of the FSU LEGAL ACTION is attacking the validity of the 2025 option to extend as they found out in initial discovery at ACC headquarters, the original option expired in 2021 ... and Phillips UNILATERALLY GRANTED ESPN an extension on their option period to 2/25 without consulting with or getting approval from ACC members. Since ESPN wasn't going to extend their agreement in 2021 ... could we have then negotiated a new better deal? Worst case ... they DID NOT EXERCISE THEIR OPTION TO EXTEND ... the extension on the time period granted by Phillips is not valid / legal as it was done without the required 2/3 approval ... and therefore the media deal and GOR both expire on 6/27. Anybody not wanting to sign a NEW contract with different terms would have NO GOR buyback, pay only the $120M ACC exit fee, and commence playing in another conference for the 2027 season. Leave before, and then you need to buy back media rights for season 2025 and 2026.
Bob Thompson, former CEO of FOX Sports and co founder of the B10 network, commented on the day the FSU filings were posted "wow, it took the FSU legal team to find a hole big enough in the GOR to drive a truck through". (he has since apparently deleted that Tweet). That is the current thinking summarized by the majority of the Nole fans who are practicing attorneys ... pay the ACC exit fee ... buy back rights for the period necessary up until the current ESPN media contract expires 6/27. Done, adios.