This is where I believe you get lawsuits from the silver spoon programs who don't find themselves in this group. We're already in a state of anti-trust, which Congress appears to be creating a carve out for. But when you do this to large, rich state land grant institutions it's a different story. Any super league has to include most of the schools already in the P4 or they take on massive, massive litigation risk.
I just don't see the legal mechanism that would provide any remedy or recourse.
Schools forming their own conferences are not anti-competitive. It's not a monopoly - there's already multiple tiers of college athletics. There's no bars to entry other than the desires of TV networks to broadcast your school. No one is leaving Baylor behind, they just don't have anyone that wants to pay billions of dollars to put their games on TV. The anti-trust case that is open now is between schools and players, not between schools.
There's no real damages that could be claimed. They would have to argue that if Big State U leaves us to play in a more lucrative league, we won't be getting the revenue that Big State U is solely generating and sharing with us. That's not going to stick.
In fact, the Big State U schools would probably have a stronger case that they are suffering damages from Small State U forcing them to not only remain in a conference to their detriment, but also share revenue with entities that are not generating sufficient income.
I also don't see politicians touching this with a ten foot pole. Most states are going to have a Big State U that wants to join the superleague. It would be political suicide for a legislator to take on, say Texas A&M and Texas in order to curry favor with....Texas Tech.
Or, like Mtneer says above - they could just raise the cost of business so high that only the top teams can afford to play.
Suppose they said that every school that wants to join must sponsor the maximum amount of sports and also offer all athletes (including women's sports) $50k per year. Ohio State wouldn't bat an eye at that. But you wouldn't get too far down the list until some schools are shaking out the couch cushions for pennies.
I really do think that at some point, some G5 and lower level P4 schools are going to look in the mirror and ask themselves if they can afford to operate at this level, and if there's not a better way. It's going to be hard because it's going to cost administrator jobs (and no one is going to want to give up their spot on the gravy train of higher education/athletics), and egos are going to be flattened, and fans are not going to like being told that they need to adjust to the new world, but it's got to happen.