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Exactly. The conference may have a by-law that says any other contract can be negated by conference majority.
It could, but that presumes that BSU are idiots to negotiate for special rights and not make clear that those special rights can't be taken away without its consent.
My instinct is that MWC is going to say BSU consented to this, maybe with a statement like "if you can get us over $5M a year we don't need a special right any more." Because otherwise, it just wouldn't make sense based on the provisions BSU quoted.
As for throwing them out, it's difficult to believe that BSU entered an arrangement where it could be thrown out and MWC could keep the TV monies from BSU home games. And MWC absolutely wants that money.