Basically this is correct and legally logical...the fallacy that most seem to inpute to the GOR is that it is one-sided. Team leaves conference, conference keeps the media dollars. Well, first that is true as so far no TV contract has been reduced because of teams leaving...MORE Importantly, would the Big 12 (hell who knows what that conference would do) televise a Oklahoma game against Washington if Oklahoma was not in the Big 12. Legally I believe that Oklahoma would have recourse to obtain dollars for use of their game such that the Big 12 would not want to market a team not in its conference. Additionally, depending on Tier level of game, in this case Oklahoma could be paid for being a visiting team to Washington...and its tier 2 or tier 3 home games remain with Oklahoma regardless of GOR.
Bottom line, GOR is no better or worse than an exit fee--particularly an exit fee that is part of a conferences by-laws where all universities accepted the bylaws as the measure or standard of the conference to be followed. Contracts are made to be broken...