Here is my understanding. It is probably wrong, as I really don't read much on this anymore:
WVU and Big East suit ended in Judge saying they both need to take their asses to non-binding arbitration to resolve their issues with WVU leaving.
As I am sure Pete knows, Non-binding arbitration puts both parties in a room with a arbitrator to act as a go between and to help negotiate the issue between the two parties to a common ground resolution. However, since it is non-binding, they can spend all that time and energy, come up with a common ground resolution, shake hands, then immediately tell everyone to eff off as they leave the room and that they changed their mind, but thanks for the free lunch and drinks.
At that point, it is back to square one = current conference agreement would be the only binding agreement standing.