IMO, FSU signed a contract and they have no chance getting out of it.
A little historical perspective. In 1986 Barb and I bought our house for $165,000. It was a period of historical lows for Evergreen, CO real-estate but not great interest rates. We could only get an 11.5% interest rate with an adjustable mortgage. A couple years later, it went to 13.5%. Yikes! But we had signed the contract. There was nothing we could do even though the contract became more expensive, even less desirable.
FSU benefitted from the ACC GOR contract until things in the college football world changed. Now they are unhappy. Such is life. The contract still holds.
Quick notes for the GenZers who may be reading. I feel your pain. Sure you are only looking at 7.5% interest rates, close to 1/2 what we paid, but our house would sell for around 15 times what we paid for it. Most of you "lucky" enough to have college degrees have huge college debt and have been priced out of the housing market. The vast majority of salaries have not increased enough to let you live like we did. In 1986, my wife was on sebatical finishing her dissertation. My salary alone qualified and we could come up with the 20% down. What chance do you have of saving 20% for a down payment with current prices or qualifying for a loan with two salaries?!
What our generations have done to you, knowingly, deliberately, is unforgivable. I am sorry, and I tried . . . But that sure as hell doesn't help you. My work was too little and too late.
