Just so I understand things clearly, the grant of rights and conference bylaws:
1. Ensures that whether all the teams are still here or not, the full value of the TV deal is paid to the conference for the full term of the deal.
2. Provides that as soon as a member opts to leave the Big 12, they are no longer a voting member for the period until they leave.
3. Requires a penalty be paid by parties who wish to leave the deal that is based upon the TV partner's "look in" provision when conference membership changes, to make up for any losses the conference has when those teams leave. This is to ensure that whatever cost the conference takes for losing the team(s) is borne by those teams.
4. The only way around these contractual obligations to the Big 12 is in a case where the Big 12 members vote by a supermajority to take a torch to the whole deal.
Is my understanding of this accurate?