i don't understand why the $50m buyout can be negotiated but everyone in big12 country is like "oh, yeah, we triple stamped the GOR thing so it can't be touched".
I know I have a LLIQ, but this is what it sounded like to me from the UM press conference. The Maryland Prez, who was a law professor, stated that the $50MM buyout is punitive and he doesn't believe the conference in their partnership agreement has the authority to assess punitive damages to one of the parties when the leave.
In the GoR, I belive the schools actually signed their rights over to the conference. The conference isn't assessing a penalty for breaking a contract with the Big12, it's just keeping what has already been signed over to it.
My lack of legal knowledge is really going to show here, but I think it's like one of those signing game shows where you get a bad record contract at the end.
As a part of the agreement for participating in the show, they'll hook you up with a record company, and that company will write you a bunch of songs to sing and keep the rights of the music you create. They'll probably pay you money to sing, perform, tour, etc., but you probably wouldn't get any royalties or anything like that because they aren't "your" songs. You just sang them.
So, my interpretation of these rights is that if a team in the Big 12 were to go somewhere else, that's fine. They'd just play in a blackout and get no TV money for X number of years.
Also, it's been rumored that the Big 12 will have revolving "look-in" provisions every five years or so, and if we choose to extend, the GOR extends automatically with it. I'm sure a lot of that can be worked around, but you get the gist of it.
Kind of like Hotel California. You can check out any time you like, but you can never (really) leave.