1. I do not disagree about the bolded part below.
The GOR does include "regardless of whether such Member Institution remains a member of the Conference during the entirety of the Term" So it would still own the media rights of members even if they leave.
I don't think anyone is arguing that if everything remains unchanged (i.e. ESPN does not exercise its unilateral option to terminate the ACC deal early) ALL ACC schools, including FSU, are bound by the terms of the GOR until 2036...whether they are in the conference or leave. I think that's a good foundation for this and any future discussions of the ACC GOR to start.
2. I think the debate happens IF (big IF) ESPN decides to unilaterally exercise its option to terminate the Media Agreement BEFORE 2036:
The language of the ESPN Agreement doesn't necessarily mean that it is integral to the GOR. It says "obligations of the Conference expressly set forth in the ESPN Agreement" Does that mean the ESPN agreement, or the obligations specified in the ESPN agreement? I think that is an actual legal argument that can be made IF there is an option to cancel the agreement AND it is cancelled. However, there are obligations specified in the ESPN agreement, even if the ESPN agreement is no longer valid. An argument can also be made that the schools still owe those obligations to the ACC and that the ACC can include those in another media agreement.
IMO, and I'm not a lawyer, and I haven't slept at a Holiday Inn in over a decade, the way I read the GOR is that it exists for the sole purpose of the ESPN media contracts.
1. Grant of Rights. Each of the Member Institutions hereby (a) irrevocably and exclusively grants to the Conference during the Term (as defined below) all rights (the "Rights'') necessary for the Conference to perform the contractual obligations of the Conference expressly set forth in the ESPN Agreement, regardless of whether such Member Institution remains a member of the Conference during the entirety of the Term and (b) agrees to satisfy and perform all contractual obligations of a Member Institution during the Term that are expressly set forth in the ESPN Agreement.
The bolded and underlined Part A of Paragraph 1 specifically binds the Member Institutions media rights "irrevocably and exclusively" to perform the contractual obligations of the Conference expressly set forth in the ESPN Agreement. Read that part again. Further, Part B again repeats the phrase "satisfy and perform all contractual obligations of a Member Institution during the Term that are expressly set forth in the ESPN Agreement."
For me, that is key to understanding that the GOR does not exist past any "contractual obligations" set forth by the ESPN Agreement. In other words, the GOR exists solely to satisfy the ESPN Media contract. What happens once the ESPN media contract is either satisfied to term (in 2036) or should ESPN unilaterally exercises its option to terminate the media contract with ACC early? IMO, it's clear (as mud) that the GOR and each member's obligation to it also terminates.
Also, there is no language that allows the ACC to "substitute" the ESPN media contract (should ESPN exercise its right to terminate the media contract early) with another media contract, nor is there language that afford the ACC time to look for another media contract. Could it exist in the mysterious ESPN media contract referenced many times in the GOR, and being litigated by the Florida AG to see sunlight? It's possible, but I do not see why ESPN Media contract would involve itself in the governance outside of any agreement between the ACC and ESPN, unless there's language that says ESPN reserves the right to match another offer.
Further, if you look at the GOR, every time any media contract is mentioned, it specifically refers back to the ESPN media contract. That is a pretty strong indication that the ACC can not arbitrarily use the GOR to "substitute" any other media agreement.