I could see theoretically the conferences and networks can swap media rights, but this solution seems incredible messy. IMO, there would be some analysis of the value of each of the rights and a fee (with payment would be negotiated) to minimize the complexity. Makes more sense that SEC and ESPN would want to televise and re-coup costs for Texas when they move. In your example, there are several conflict of interests that would make a messy, but not impossible.

My point of the previous post was that the GOR, like most contracts, is not binding to keep teams in conference; it is just quantifying the exit fee, incentivising the teams to stay in.