TALLAHASSEE, Fla. — The Florida State Board of Trustees on Friday cleared the way for a lawsuit against the Atlantic Coast Conference, challenging a contract that binds the school to the league for the next 12 years and creating a potential path to leave without paying more than $500 million in penalties.

“I believe this board has been left no choice but to challenge the legitimacy of the ACC grant of rights and its severe withdrawal penalties,” Florida State Board of Trustees chairman Peter Collins said during a trustees meeting.

The lawsuit was filed soon after in Leon County Circuit Court, claiming the ACC has mismanaged its media rights and is imposing “draconian” exit fees

Florida State outside counsel David Ashburn said a lawsuit was ready to be filed that claims the ACC's grant of rights violates antitrust law and has unenforceable withdrawal penalties. Ashburn said it would cost a school $572 million to withdraw from the conference. The lawsuit also accuses the ACC of breach of contract and violation of public policy.

ACC Commissioner Jim Phillips and Virginia President Jim Ryan, chairman of the conference’s board of directors, posted a response to the lawsuit on X, the social media platform formerly known as Twitter.

"Florida State's decision to file action against the Conference is in direct conflict with their longstanding obligations and is a clear violation of their legal commitments to the other members of the Conference," the ACC said in the post. "All ACC members, including Florida State, willingly and knowingly re-signed the current Grant of Rights in 2016, which is wholly enforceable and binding through 2036."

Florida State is looking for a way out of the conference it has been a member of since 1992 because it believes the ACC is locked into an undervalued and unusually lengthy media rights deal with ESPN that runs through 2036. The school leaders also say the league refuses to change its revenue distribution model to match FSU's value.

“It is a simple math problem,” Florida State athletic director Michael Alford said. “A very clear math problem.”

FSU leaders have been pushing for unequal distribution of revenue for more than a year. The ACC has agreed to create a bonus system that would direct more revenue to schools that have postseason success in football and basketball, but that has not solved the frustration at FSU.

“It’s time for us to try to do something about it,” Florida State President Richard McCullough said.

McCullough said the trustees' approval of the legal challenge was not a direct reaction to FSU recently being left out of the College Football Playoff, despite having an undefeated record. Florida State will play Georgia at 4 p.m. Dec. 30 in the Orange Bowl at Hard Rock Stadium in Miami Gardens.

"This is not a reaction, but something we’ve done a lot of due diligence on,” he said.

Florida Chief Financial Officer Jimmy Patronis said on X, "Proud of Florida State, Pres McCullough and the FSU BOT for their bold action today to take a stand against an untenable situation. Unfortunate that it came to this, but college athletics is changing by the second and Florida must once again lead the way."