Basically, it means Texas is only contractually obligated to allow LHN to air the Annual Spring Football Game.

FORBES: Longhorn Network Isn't A Roadblock For Texas To Join Pac-12

The practical effect of all this is that LHN will have nothing to air if Texas goes to the Pac-12, absent some sort of concession by the conference.

FORBES: Longhorn Network Isn't A Roadblock For Texas To Join Pac-12

According to the LHN contract, ESPN would have the right of first refusal to all television rights held by the conference if Texas became an independent, which is currently rights to all but one home football game.

FORBES: Longhorn Network Isn't A Roadblock For Texas To Join Pac-12