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It is significantly more than that ... they are asking the COURT to review the ESPN media agreement and it's language, and how IT defines the ACC GOR. If the court does review the two separate documents, and concludes that the ESPN media agreement DOES STATE that the GOR is in effect ONLY WHILE A MEMBER INSTITUTION REMAINS A CONFERENCE MEMBER .... then it is confirmed that any school that leaves the ACC leaves with all future media rights in tact, no buyback is necessary from anyone. Any school can leave, having only the ACC exit fee to deal with, and that has proven to be a negotiable item in the past.
It is entirely possible that the ESPN Media Agreement does NOT define the GOR. But it is very probable that it does not NEED to do so, and that FSU/Clemson will win anyhow.
First, the ESPN Media Agreement was, as far as I know, negotiated and agreed-upon first. Now, it is entirely possible that the "as long as the institution remains a member" was language that was added LATER, but it seems very unlikely. That type of language seems like it was always a part of every ESPN-conference Media Rights Agreement. And because ESPN "insisted" on the ACC creating a GOR, it is highly probable that the GOR was drafted AFTER the Media Rights Agreement (and I have already discussed why the GOR was truly unnecessary to enter into a Media Rights Agreement).
Second, each contract has to stand alone, but you can infer meaning and context even if the contract is silent as to the relationship of the GOR to the Media Rights Agreement. In other words, if the Media Rights Agreement has always said that it would only apply to institutions that remain members of the conference, and since there are already other provisions that provide for ESPN to adjust the contract upward (Notre Dame) or downward (Cal/Stanford/SMU) based on membership changes, then it cannot possibly be argued that a mere Grant of Rights can confer a GREATER duration to the Media Rights Agreement than was previously contemplated and agreed upon by the schools under the original Media Rights Agreement.
Short answer: F$U and Clemson win.