I agreed with you last night, but tonight, like so many others, you are cluless.
The Big 12 conference has bylaws that govern how teams may withdraw from the conference, and any withdrawal that violates those bylaws raises the possibilities of financial penalties and other issues. The bylaws require that member schools commit to the Big 12 for five-year periods.
If a school wants to leave when a five-year period is up, it must give two years' notice. The most recently completed five-year period ended in June 2011, meaning Colorado & Nebraska had every right to leave the conference since they had not commited to another five-year period. However, the schools did not give notice by June 2009.
Consequently, Colorado & Nebraska fulfilled their five-year committments. But they did not give proper notice.
Texas A&M's situaton is different. A&M has every right to leave the conference. Though, according to the bylaws, the Aggies are committed to the Big 12 until June 2016. Leaving before 2016 would be a violation of the bylaws. Proper notice was given, but according to the bylaws they can't leave until after the 2015 football season.
I think the SEC & Iowa State are being very smart. The SEC realizes that A&M's situation is very different than it would have been over a year ago. The SEC realizes that it could be sued for tortious interference of a business relationship & any Big 12 school could sue Texas A&M in a breach of contract action.
Put it this way. What would you do if you weren't even one-year into a five-year employment agreement with your employer and your employer fired you? Wouldn't you sue your employer?
Iowa State would be very stupid to waive its rights. I wouldn't cut my own throat by agreeing not to sue unless I have very real assurances from Oklahoma & Texas that they also weren't going to bolt the conference.
You get it - Thank you!