In a surprising twist, Florida State University (FSU) has called for an emergency board of trustees meeting, stirring speculation about the university's potential departure from the Atlantic Coast Conference (ACC). The move comes shortly after FSU was controversially left out of the College Football Playoff (CFP), intensifying concerns about the university's athletic future.

While the exact reason for the emergency meeting remains undisclosed, reports from multiple sources suggest that FSU's board will discuss the possibility of taking legal action against the ACC. This would mark the first significant step toward breaking the "ironclad" grant of rights that binds conference members until 2036. Over the past year, several ACC institutions have evaluated the grant of rights, but FSU has been the most vocal critic.

The pivotal moment came for Florida State when they became the first undefeated power conference team to be overlooked for the College Football Playoff. Ranked third, the Seminoles dropped to fifth place after an underwhelming offensive performance in the ACC Championship Game against Louisville, with a third-string freshman quarterback leading the team. The decision incensed officials across the state of Florida. Nevertheless, the upcoming expansion of the playoff to 12 teams in 2024 may ensure a spot for an undefeated team from any conference.

Florida State's dissatisfaction with the ACC has been publicly acknowledged in previous settings. Earlier this year, FSU President Richard McCullough presented the challenges of remaining in the conference, highlighting the ACC's payout falling significantly behind the SEC and Big Ten, by as much as $30 million annually.

One FSU trustee, Drew Weatherford, stated, "It's not a matter of if we leave [the ACC], but how and when we leave."

To address concerns from its top-performing members, the ACC had introduced "success incentives" in May, allowing universities with postseason achievements to receive a larger share of the revenue. This plan would have significantly benefited Florida State had they made the CFP, potentially securing them a larger portion of the conference's payout. However, with the playoff snub, the additional money may no longer be sufficient.

The ACC currently holds the longest television contract and grant of rights among all FBS conferences, having signed a 20-year agreement with ESPN in 2016. Although at least seven ACC schools explored the possibility of breaking the grant of rights, they ultimately chose to remain within the conference after assessing the intricate details.

However, leaving the ACC would come at a significant cost. Reports indicate that buying out the ACC's television contract alone would exceed $120 million, while breaking free from the grant of rights agreement could potentially amount to hundreds of millions more. Furthermore, industry experts believe that joining another major conference without accepting a partial share would be unlikely for any ACC school, adding uncertainty to the potential benefits of such a move.

FSU has contemplated exploring alternative funding methods, including engaging private equity firms like JPMorgan Chase and Sixth Street. The university could raise funds upfront to finance a grant of rights buyout, with future television rights deals and sponsorships used to compensate the private equity group. However, a similar plan considered by the Pac-12 in 2019 did not materialize.

Given the circumstances, the Southeastern Conference (SEC) appears to be the ideal landing spot for FSU. As the predominant force in college football, the SEC aligns well with the Seminoles' aspirations. Nonetheless, obstacles exist, particularly with in-state rival University of Florida expected to oppose FSU's entry into the conference, viewing it as a potential threat both in recruiting and on the field.

If joining the SEC proves unfeasible, FSU may turn to the Big Ten Conference as a potential alternative destination. While no universities within the Big Ten are geographically close to FSU, the Seminoles' football history, with two national championships in the BCS/CFP era, could be an enticing factor. Additionally, FSU's inclusion could open new recruiting avenues in the talent-rich state of Florida.

However, if these options do not materialize, Florida State could find itself in a challenging position. FSU Athletic Director Michael Alford previously stated that independence is not a viable option due to media contract complications and scheduling complexities. The Big 12, with a comparable media deal to the ACC's, also seems unlikely as a potential destination.

With the landscape of power conferences continuously evolving, FSU may have to make some short-term sacrifices to bolster their case for a move. Examples such as Oregon and Washington agreeing to take reduced television payouts to join the Big Ten and SMU forgoing television payouts for seven years to join the ACC illustrate the challenges FSU may face.

As the emergency board meeting looms, Florida State University's potential departure from the ACC could have far-reaching implications for both the university and the conference. The decision, if taken, could mark a significant shift within the collegiate athletic landscape.