This doesn't seem correct, that the school that is leaving would still get paid. According to this story from CBS Sports, the school would NOT get paid:
"A Grant of Rights, in basic form, is written permission from league members to relinquish control of television rights to the league for the duration of the deal. If a school leaves, it forfeits those earnings to be spread among the rest of the conference."
http://www.cbssports.com/colle...-of-rights-deal
Putting too much faith in the media might lead one astray. The media seems to be making the same assumptions everyone else has been making.
The problem here is that people are making the Grant of Rights to be something out of the ordinary that doesn't already exist. It's actually no different than any other typical contract between a school and conference.
All schools already "grant" their rights to their conference. Only right now, they grant their rights to broadcast home games to the league indefinitely as long as they remain members, subject to the bylaws and television agreements; A grant of rights addendum simply takes those rights and extends them for a defined period of time that supercedes membership. In this case, all members and future members are bound by those transfer of rights until June 30, 2025 instead of whenever their conference membership otherwise expires.
The GOR agreement applies regardless of conference membership as it clearly states. So a school changing membership would not impact their rights to be compensated for their games broadcast on television because they would still be honoring the agreement by transferring their rights; thus, there is no reason they should have to "forfeit" anything. The league retains their television rights regardless of what conference they are affiliated with, thusly, they still retain the right to be compensated for said rights.