Your idea is interesting, and I haven't looked at the agreements, but the scenario you describe contemplates that either the Big 12 and OU agree to "get along" with respect to television or, alternatively, a court compels one party or the other to perform their obligations under an agreement, which we lawyers call specific performance. OU and the Big 12 aren't going to get along. And generally, specific performance (an equitable remedy) is not available when there is an adequate remedy at law (i.e., money damages).

Specific performance is usually available only when the thing bargained for is very unique and irreplaceable. Like you contracted to buy a motorcycle that Elvis once owned. Or you agreed to perform unique personal services of some kind (maybe, George Strait performing in a Vegas casino).

There are probably two separate agreements, one dependent on the other. The first is the GoR agreement, the second is an agreement between the Big 12 and the networks. If OU bolted for the Big Ten, OU is probably going to breach one if not both of those agreements, and the damages will likely be based on how much the Big 12's media contract is diminished as a result of replacing OU with, say, Houston or Cincinnati or BYU.
[Post edited by Tailgate Guru at 02/24/2016 9:29PM]