Here's the most pertinent part that relates to the ACC's situation:

"The ACC is perhaps the most fascinating conference to watch in the years ahead. Desperate to catch up to conferences like the SEC, the ACC members swallowed hard in 2016 and agreed to lock up their TV rights with the conference through the 2035-2036 season in conjunction with the announcement of the forthcoming ACC Network and continued partnership with Notre Dame.

The winners in this deal were the small players in the ACC. They were able to lock themselves in the room with Clemson, Florida State and Notre Dame (kind of) and throw away the key. Who cares if the room was taking on water and on its way to the bottom of the ocean?

Since this deal was made, a number of key developments have occurred. First, TV and media have completely changed. The 5 years between the 2014 launch of the SEC Network and the 2019 launch of the ACC Network might represent the biggest shift in TV consumption in decades. While consumers shed their cable TV subscriptions and Netflix marched toward 200 million global subscribers, the ACC planned and launched a network built for the previous era of TV.

Next, Clemson became one of the most dominant programs in the country. While the Tigers reached the College Football Playoff 6 straight years (2015-2020) and won 2 national titles, the gap between them and much of the ACC widened.

Lastly, while the 20-year ACC lockup might give the perception of stability for now, we saw recently that bigger and bigger obstacles will be tackled as the premier brands and programs in college football move toward their true market value.

Because college football is not a single organization, but instead a collection of independent actors working in self-interest, economic forces will continue to enact change. Conferences and programs will slowly, consistently move toward their true market value. It’s why Texas and Oklahoma can wake up one day and ask themselves, “Why are we subsidizing the rest of the Big 12?” and seek better fortunes with Greg Sankey & Co.

If you think this is a one-off scenario, let’s consider a hypothetical situation. The estimates of future SEC revenue with Texas and Oklahoma in the fold are massive. One estimate says it could reach $1.3 billion annually in just a few short years. That comes out to over $80 million per school. If you’re Clemson in 2026 and you just received a check for $35 million from the ACC and you see Vanderbilt getting $80 million from its conference, do you think Clemson is going to be happy?

You might think that Clemson is content to sit in the ACC even with lower payouts since it maintains traditions and is an easier path to the Playoff. That’s what fans will think. That’s not what administrators and powerful boosters will think. As the gap widens between revenue for a program like Clemson and schools in other conferences, Clemson will view this as a major risk. If Clemson is pulling in half the amount of revenue as schools in other conferences, the future of the program starts to become at stake.

I strongly believe the ACC’s situation is untenable. Yes, the grant of rights lock up prolongs the current makeup, but the destination is inevitable."