Just clarifying a bit for any that read that line...
Here are the "limitations" each of the 3 entities (ND/B1G/SEC) each must be represented at least 2 times during the 12 year contract. So on the surface the limitation (or max times they can take that bid) is up to 8 times in 12 years.
Digging a little deeper though the Orange Bowl will be a Semi-final game 4 different times during this 12 year cycle so in those 4 years the "contract" is not in effect. So technically their limit (or max) is 4 times with a guarantee of at least 2 times.