The grant of rights was given by FSU to the ACC, not to ESPN. So one would think that the ACC will retain the rights whether or not ESPN chooses to extend the existing contract. It would seem to make the question of valuing the damages after 2027 considerably more difficult.
The unenforceable penalty argument is intriguing. Basically they're saying that since the GOR is out of proportion to the actual damages to the conference that it is legally unenforceable. If FSU prevails with that argument it is quite a bombshell to the status quo. It basically means it's open season four conference realignment.
Since we are screwed under the existing structure, anarchy is our friend, though, I'm not sure that existing P4 schools becoming more readily available really helps us.