I'm not in any way a lawyer, but a few random observations about this...
1) Other than Wake Forest, nobody associated with the other ACC schools in any other capacity made any kind of statement of support for the ACC. That's telling to me. I'm pretty sure that's because every other school is hoping to have an exit point and don't want to be embarrassed later, or at the very least know the exit of FSU and others is inevitable. The lack of official response is VERY different from the past, when FSU to the Big 12 rumors abounded, or when Maryland left. Nobody, other than Wake, is caping up for the ACC.
2) This is an incredibly embarrassing look for the ACC. The fact that it got to this point, when it could have been avoided at several points, implies to me that the conference and schools really couldn't muster any kind of fortitude around saving the conference as is. Combined with the first point, it just doesn't seem like there is very much enthusiasm to try to salvage the conference.
3) Suing your way out of the GOR has always been called the longest of long shots...it's been referred to over and over as iron-clad. That said, now that it's out there, I'm not seeing a lot of legal and quasi-legal analysis that totally dismisses the legitimacy of the suit. Of course, there's little that claim that FSU has a slam dunk case either. But one likely possibility of FSU taking legal action to get out was that the claims would be laughable on their face, a total quixotic "hail Mary." Now that it's out there, the fact that the general reaction is mostly "hmm, let's see where this goes" rather than laughter is probably a good sign.
4) There's a common sentiment out there that "Nobody cared when other schools moved, but now FSU is being criticized." I strongly disagree. Almost all the blowback has been from pissed fans of other ACC schools, which is totally meaningless. Other than the recent terrible Pat Forde column, the usual pearl-clutching think pieces about how the almighty dollar has destroyed a beloved conference instution has not followed this the way it did the TX/OU or USC/UCLA moves, or earlier moves. There are very few tears being shed by national college football personalities, or even ACC regional media. I would never go so far as to say that the media are "on FSU's side" on this, but I think 99% of them absolutely understand FSU's (and Clemson's) position on this and know that a future in the ACC is untenable. In that small way, the playoff snub actually helped...EVERYONE who knows college football knows now that FSU and Clemson MUST get out of the ACC to continue to play at the highest level. That really blunts the effectiveness of the "FSU is the villain" narrative. Everyone know wolves have to eat. It helps that virtually nobody gives a shit about ACC football, and it will mostly not be missed.
To me, those four points make me feel that a reasonable settlement is just a matter of time. You have an extremely motivated and determined and invested FSU on one side and an inept, ununified, unorganized and unbeloved ACC on the other. Obviously the actual law matters...but there's the law, and there's reality. Public opinion matters, fortitude and dedication matters. And I just don't see the dysfunctional shell that is the current ACC having the fortitude to see it all the way to a judge pinning FSU's shoulders to the map.