Those are 2 separate legal agreemts though, arent they? Couldnt they (at least in theory) renegotiate the tv deals and the GoR is unaffected? Say, if ND joined formally or something like that.
Yes and no, if anyone joins they would be added at the same rate, meaning, if they are paying teams $30M per year, they just add another $30M share to the contract for the team. If there is a team/s that is considered a significant change to the value of the conference, then it would trigger a clause that opens them to negotiate a better media deal. Word is that ND alone might not be able to do that because they already play a significant number of games in conference. It would need to be someone else of significant value.
That being said, because the GOR is separate, regardless of what happens with their media deal, anyone that joins, still has to sign on to their current GOR until it ends in the mid 2030s.
That is where teams joining or leaving are in a real pickle. I personally think the best thing the ACC can do right now is attempt to merge the entire conference with the Big 12. This would void their current contracts and give them enough content to compete for a deal at least close to the P2. But I don't think that has a huge chance of happening really. I just think that if the ACC does nothing until their current contract and GOR ends they will be so far behind everyone else it could really put their members in a bad position. The other conferences will be negotiating their 3rd contract by the time their current one is ending, and they already are at or near the bottom currently.