Florida State is still big mad about being left out of the College Football Playoff and they’re willing to burn the whole house down with their ire.
To be clear, FSU was hosed, and it’s hard not to feel bad about an undefeated Power Five champion getting excluded from competing for a national title. Yet it also doesn’t make a ton of sense to try to leave a very winnable Atlantic Coast Conference right when the playoff field is about to expand to 12 teams.
Nevertheless, the brass at Florida State want out — and it’s not exactly clear where they’d go— but the school feels the ACC is holding its athletic department back.
The latest step in that process was a board of trustees meeting on Friday where the school’s power brokers revealed stunning findings about the ACC’s Grant of Rights (the legally binding transfer of a school’s media rights of their home games to the conference for a set period), leading trustees to vote in favor of challenging the conference in court.
Here are the biggest things we learned:
1
FSU projects it would cost $572 million to exit the ACC
From the FSU Board of Trustees' presentation — Florida State believes it would cost $572M to get out of the ACC right now: pic.twitter.com/3bymUfi4ub
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
A couple of key reminders:
– FSU is a member of the ACC conference and signed the grant of rights and its extension.
– This will be a lengthy process, but this is the first step for FSU to try to get out of the ACC.— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
These wildly high exit penalties are part of why Florida State is taking this to court.
2
The earliest Florida State could exit the ACC is 2025
According to Action Network’s Brett McMurphy, as long as FSU notifies the ACC it intends to leave the conference before August 2024, the earliest it would be able to join a new conference (should the school get invited to one) is July 1, 2025.
As long as Florida State notifies ACC it is leaving league before this August – it has not done this yet – the earliest Seminoles could leave ACC would be June 30, 2025 & join a new league on July 1, 2025
— Brett McMurphy (@Brett_McMurphy) December 22, 2023
3
The ACC's Grant of Rights is hidden better than most national secrets
Want to take a look at the ACC’s Grant of Rights for yourself? Good luck.
Arguably the most notable revelation from Friday’s meeting is just how closely guarded the deal actually is. Per FSU, the school is not able to obtain a copy on its own. In fact, only one copy exists. It’s at ACC headquarters in Charlotte, North Carolina and those who do view it are not allowed to take pictures or compile handwritten notes.
ACC officials “heavily monitor” FSU attorneys and those from other schools who physically trip to North Carolina to review the Grant of Rights. Lawyers are not allowed to take photos or hand-write verbatim from the GoR.
— Ross Dellenger (@RossDellenger) December 22, 2023
FSU trustee and former QB Drew Weatherford says he is frustrated by his inability to access the ACC's current grant of rights document. This has come up a few times already — lawyers for schools have to go to ACC HQ to see it.
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
FSU lawyer says that the conference office is the only entity that has the multimedia rights agreement. Schools do not have copies.
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
4
The ACC Grant of Rights runs through 2036, but its current TV deal only goes until 2027
This is also a huge deal — and probably one the ACC didn’t want revealed.
The conference holds a Grant of Rights with its member schools through 2036 despite the fact its current media deal with ESPN only goes until 2027. ESPN does have a “unilateral right” to exercise a nine-year option on their deal with the ACC, but as of now that means there is no guaranteed media revenue after the next three seasons.
Florida State is, understandably, furious about this.
Notable here: FSU lawyer says the ACC ESPN deal doesn't actually go through 2036. It goes through 2027 and ESPN has a unilateral right to exercise a nine-year option through 2036.
That means no guaranteed deal past 2027 at the moment.
— Chris Vannini (@ChrisVannini) December 22, 2023
FSU also claiming a breach of contract, saying the ACC failed to create appropriate value for media rights.
Also claims a breach of fiduciary duty.
— Chris Vannini (@ChrisVannini) December 22, 2023
This is new information. Per FSU, ESPN is not guaranteed to pay ACC members revenue past 2027, but the ACC schools are locked into a grant of rights that runs through 2036. https://t.co/0ezj1Xjc2l
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
5
Florida State is blaming past ACC commissioners for this mess, too
Florida State is putting a lot of the blame on current ACC commissioner Jim Phillips, but former ACC commissioner Jim Swofford is getting plenty of it, too.
FSU AD Michael Alford: "This really points to the mismanagement of the previous conference administration in stewarding future finances for our best interests."
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
6
Read the FSU Board of Trustees letter to fans here
Florida State leadership has also published this letter, addressed to the FSU community: pic.twitter.com/jEkUbOkV0N
— Nicole Auerbach (@NicoleAuerbach) December 22, 2023
