The 8 teams can vote for the dissolution of the ACC. So if those 8 have a landing spot, the other 7 would either disperse, merge into another conference, or attempt to create another conference by adding other schools.
I don't think it would ever work. The blog post below gives a great breakdown of the Big 12 bylaws, which are surely similar to most other conferences out there. The ACC almost certainly has similar language, which is why this hasn't been done. The long and short of it: if you're found to be trying to leave the conference, you are considered to have given up your voting rights. The criteria given are VERY broad. This totally neuters dissolution. The article summarizes by noting that fans have to stop thinking of this as a legal issue and start thinking of it as a financial issue.
It has been a whirlwind for the past three weeks since the Big Ten announced that it was expanding with USC and UCLA. I have a lot of thoughts on what the Big Ten will (or more likely, won’t)…
frankthetank.org
Notable excerpt:
It’s subsection (ii) that really serves to protect schools from any clandestine attempts by other members to get around the GOR or take other drastic measures, such as dissolution. That clause effectively gives Disinterested Directors the ability to
deem a school to have Withdrawn from the league (and thereby losing their voting rights) if (a) there are statements or actions that make it appear that school is attempting to leave the league, (b) a school breaches or intends to breach the bylaws or specifically the GOR or (c ) a school fails to provide the conference with notice within 12 hours of a third party offer or inducement for that school to leave the league or breach its GOR obligations.
Thus, it doesn’t matter if a school that is trying to leave the conference provides notice of withdrawal or not. As soon as the other members suspect that a school is taking to actions to get out of the GOR specifically (much less leave the league entirely), those other members can deem such school to have Withdrawn from the league and lose its voting rights in the process.
Now, in theory, some schools could conceivably get together a call for a dissolution vote before the other members can deem them to be Withdrawn. However, in practicality, if a school suddenly says, “We’re calling a vote for a dissolution of the conference today” out of nowhere, every other member is going to instantly know that the only reason that’s happening is that school wants to leave the conference and/or break the GOR. Those other members would then invoke the clause that allows them to deem that school to have Withdrawn from the league.
Plus, even if several schools are able to get a dissolution vote passed initially, the left behind members would instantly file a lawsuit and it would invariably come out in discovery that the departing schools were acting in contravention of the bylaws prior to that vote. That would mean that the left behind members would have a strong claim that the departing schools should have either been deemed to have Withdrawn from the conference or defined as Interested Parties that should never have been allowed to vote for dissolution. In turn, that dissolution vote would be deemed invalid and the left behind schools could continue the operations of the conference and enforce any obligations, including but not limited to GOR terms and exit penalties.