I agree, any business wants to control costs. Your example of OU is spot on* in that they cannot afford an “arms race” with UT, Alabama, Michigan, an tOSU. The issue is whether an agreement between various state entities from several states can supersede the various states laws.
Application: Assume Tennessee goes off the rails, by contract, they get the death penalty ( no money, booted from their conference, cannot play teams within the agreement), the State of Tennessee has an interest in protecting the University of Tennessee and declares the agreement null and void as against state interest. What then? Generally, states are sovereigns and aside from the federal constitution, have free reign, the State of Tennessee would win and the agreement fails. X the number of affected states. Unless each sate legislature binds themselves to the agreement there is not much meat to the agreement when it comes to enforcement. (This assumes no federal oversight as that is the real goal, self governing by the schools and conferences)
Essentially, any agreement is only as good as the people upholding the agreement. Does anyone believe the SEC and B1G have abided by NCAA rules thes past decades? Not a chance, everyone knows that half or more of the SEC athletes couldn’t qualify to graduate middle school let alone get into college; and let’s not get started on the illegal money. It is safe to presume the issue will arise, and soon.
Besides, FSU has proved that embarrassing partners (shaming) will get you what you want, in spite of legally sound agreements. All UT would have to do is threaten to expose all of the documents, everyone will cave, even third parties like ESPN.
I know the schools, conferences, networks, and NCAA want to keep the government out of the picture, but without a true means of enforcement of the agreement, the agreement means nothing. The individual state schools cannot obligate the state to self harm.
This issue is a good find on your part. It opens up a can of worms.
P.S. I reserve the right to revise my opinion as more facts and information are made available.
*OU has more Texas talent than most schools, 25-30 players.