7. Term... At the end of the Term or upon other termination of this Agreement, the Rights granted by a Member Institution to the Conference hereunder shall automatically revert to such Member Institution.
So it can be terminated...likely if the conference is which we would need to see the bilaws to find out what that entails.
1.5.2 Actions Requiring the Vote of a Majority of Disinterested Directors and a Supermajority of Disinterested Directors...(b) The following actions may be taken only if approved by the affirmative vote of a Supermajority of Disinterested Directors (as defined below):...(2) The dissolution, liquidation, winding-up, merger, sale, or transfer of all or substantially all of the assets of the Conference;....(f) The term “Supermajority of Disinterested Directors” with respect to any issue shall mean seventy-five percent (75%) or more of all persons who are Disinterested Directors with respect to such issue, whether or not each is Present at a meeting considering such issue or signs a written consent with respect to such issue.
So they need 75% to dissolve it seems, meaning 8 out of 10
So something like UT/Tech/OU/OSU/KU/KSU to PAC12, WVU to ACC, and 1 more...
Iowa St to Big Ten? Baylor or TCU to SEC? Seems unlikely...
I also found this gem...
WITHDRAWAL AND SANCTIONS
The Grant of Rights Agreement which will remain in full force and effect as to such Withdrawing Member and the Withdrawing Member shall continue to be fully bound under the Grant of Rights Agreement after Withdrawal for the remainder of the term of any Grant of Rights Agreement as if it remained a Member of the Conference, but the Withdrawing Member shall not be entitled to payment of any amounts or any other benefits arising under the Grant of Rights Agreement after Withdrawal.
Whoa...I'm not an expert on contract law but that looks like they may have overstepped with this clause.
3.4 Buyout Amount.
if (A) by legal action or otherwise, a Withdrawing Member, or any other person or entity, attempts to challenge or oppose or interfere with, or challenges or opposes or interferes with...(ii) the enforcement by the Conference of its rights under the Grant of Rights Agreement...(iii) the right of the Conference’s telecast partners to televise games of the Withdrawing Member under the terms of the Grant of Rights Agreement...or (B) for any other reason the Conference’s telecast partners are unable to produce and telecast games of the Withdrawing Member during the then-remaining term of the Grant of Rights...then the Members agree that such actions, in breach of the Withdrawing Member’s agreements in these Bylaws, cause additional damage to the Conference and therefore that the Buyout Amount shall be increased by, and shall also include, and the Withdrawing Member shall be obligated to pay to the Conference immediately upon the occurrence of any of the foregoing events, the amount of all actual loss, damage, costs, or expenses whatsoever (including but not limited to lost revenues, damage to reputation and public image, and damage to relationships with related parties) incurred by the Conference or any of its remaining Members directly or indirectly related to that challenge or opposition, whether economic or otherwise.
So you can withdrawal, pay the "buyout amount" and leave your TV rights but if you challenge it in court/or in practice we can sue you for lost revenues (can't sue if nothing actually lost), damage to reputation, and public image (these won't hold up in court because they made them one-sided conditional and never held the right to sue for these assuming everything went their way), and damage to relationships (this is the only thing that could hold up assuming TV money stays the same payout per school).
One things for sure, if someone was motivated enough and had the money to fight this (Big Ten) they could be successful in mitigating these damanges to nothing more than exit fee (2 years of TV payout so 46mil), and a possible punitive damage awarded for damaged relationships with ESPN/FOX.
Fan of the Big 12 Conference, the Mountain West Conference and...