into their own independent organization and the universities either become the primary sponsor for the new organization (i.e. University of Northampton is the primary sponsor of Northampton Town FC) or the organization decides to continue using the university's name even though they may no longer have any direct affiliation with the school (i.e. Universidad Católica, Universidad de Chile, and Universidad de Concepción of the Chilean Primera Division). All three football clubs (aka soccer clubs) used to be affiliated with their respective universities until the decision was made to have them become independent organizations from the respective universities.

My point is that if someone wants to get out of a contract, then there is always a loophole to do it. In this particular case, the contract is with Florida State University; not Florida State University Seminoles Inc. (aka the former athletic department of Florida State University).