The problem is that the ACC gets very good Tier 3 rights through Raycom. Raycom runs the ACC network, the digital rights, FSU has a very good IMG contract for radio, coaches shows, etc.
The confusion is the way the ESPN contract is structured. The real problem is that ACC Tier I and Tier II rights are of a paltry value (around $12.5 Million of the contract). Take away the basketball and that's around $8.5 million for football which of course FSU could do better by moving when you consider the new bowl and playoff distribution formulas.
It's the case of the team with the best fan draw in a conference beeing squeezed. Like UConn FSU sits at the top of their Conference as a revenue earner and as a likely poaching target
In the oriignal deal RayCom was granted (13 years) for $50M a year to all football and basketball games that are not picked up by ESPN plus all Digital content for the ACC Website and Corporate ACC conference branding deals. Raycom branded this the "ACC Digital Network".
That $4.2 million a year per team is higher today in the $5.2 million range over the life of the longer contract with SU, PItt and LU.
Remember also RayCom picks up production costs, etc. If FSU could sell their one game a year available to Tier 3 and 4 December basketball games for better than $6 million it might be that FSU is losing money here. Then there's the put up and shut up and FSU has yet to ever market that stuff or attempt to market it or broker a deal with RayCom to split additonal revenue 50/50 by marketing it.