I had the fortune, or misfortune, of working in Florida's legal system on several levels...from drafting legislation and legal analysis to issuing judicial case decisions...Florida's system is much like other legal systems in other states, (not California) that are based on federal procedure.
Re venue...that may be the first salvo's fired in this fight...
I think that there will be no striking of the flag as FSU seems prepared to go down with the decks ablaze and all guns firing. Although it may be be a ploy to bring about a negotiated exit. ESPN and the ACC and CFP may not want the full discovery that will be sought.
In suits like this one, there is a First Filed Rule...Immediately after FSU announced that they intended to file a suit, the ACC did file a a suit in North Carolina (the plaintiff's residence is North Carolina). The ACC will contend that NC substantive law applies to conference issues given that that is where the conference is incorporated, headquartered and from where it governs.
There is an Anticipatory Suit exception. Florida’s second judicial circuit may not recognize the NC lawsuit as first-filed but as an anticipatory suit not deserving of deference. That would mean that the Florida court would likely proceed with the litigation and not defer or stay pending the result of the North Carolina litigation.
The Anticipatory Suit Exemption applies to federal court as well.
If the North Carolina Court does not agree to stand down in favor of the Florida litigation proceeding, you could end up with parallel litigation and dueling courts/lawsuits, which is a mess.
We had a similar dueling filings when Maryland and the ACC filed in their respective states. The judge explained in his decision...“The decision of the North Carolina Court and the decision by this Court could be similar to one another, could directly compete with one another, and/or could leave unresolved issues,”...
Davey stayed the rest of Maryland’s suit pending the outcome of the North Carolina case. Maryland is seeking to dismiss the North Carolina-based suit on grounds that the court there lacks jurisdiction.