Exit 4
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It won't dissolve - it will just be gapped by the two (three?) bigger leagues.
That will be a pain point down the road. If someone can offer $40M and the ACC can offer $20M, it becomes a problem.
I don't think it will happen in this cycle, but 10 years from now when the fog of the cable/internet tv split begins to lift, I could see the ACC casting off NC State to the SEC in order to grab another market, say Cincy. The motivation to do something like this won't be clear until the B1G $ machine starts to roll for several years. Both the ACC and B12 are inefficient with their tv geography with the ACC overly concentrated in NC and the B12 having a narrow footprint.