I think you are confusing the GoR with the media contract. The GoR is between the conference and the schools, the media contract is between the conference and their media partners.
The GoR is a where the conference schools bundle their rights to sell to the media partners. That's all you linked. The media contract is the actual trade of services. Two separate contracts between separate entities. The Big12 sells the rights secured in the GoR to the partners for money.
The rumor (just a rumor) was that the media contract, not the GoR, was void if the number of schools dropped to eight. Since the media partners have the right of refusal on any school added, media partners could then decide who to allow the Big12 to invite, if anybody at all. If Fox and ESPN are happy with the product, they will do nothing. If not?
Sorry for the delayed response, but to correct you, the Grant of Rights is an addendum to the media contract that grants the rights to the conference for a set duration of time in order for the conference to perform guarantees to the media partner(s). It isn't really accurate to say they are two separate contracts. They actually are not. If you look at the GOR, you will see it specifically says it's an addendum to the media deal.
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