No, it means that the school, in addition to exit fees, would have to pay to buy back the rights of the conference. That, and past games may become unavailable to the school as well.
There's no way the Big XII would hold their media rights hostage if a school wanted to leave--sure, they could do so legally, but they won't, and it just instead is another fee on top of the exit fee to consider.
I don't now the specifics of the law but if push came to shove, the school would just rescind the contract and then only be liable for the $$$ of their rights.