Yes, but what are the media rights worth? The GOR doesn't spell that out. Are they worth the $17M the ACC pays out, or the whatever their new conference pays out? Since it's not stipulated, the price could be whatever they would have made in the ACC between now and the 2035 football season or whatever they'd make in their new conference between now and 2035 football season.
Sure, it could be negotiated, but the ACC has the right to just say "no" and the contract remains valid. FSU, or whomever else could jump up and down, scream, or hold their breath until they pass out, but the contract is still valid. The ACC (or ESPN) doesn't have to let them out. Most likely, the school is gone after it's up either way, so if the relationship is damaged, who gives a ****?