All contracts have clauses that deal will unforseen events. The remedy sometimes includes cancellation with no penalty, a rescheduling provision, or financial remuneration.
Concerning the latter, the P5 schools will argue that their hand was forced by events and therefore should not pay. Negotiations will drag out and in most cases a compromise will be reached.
A sizable portion of the $160M will never be realized and that will devastate programs like NMSU.
They expected to receive $2.7M. If that money, is not received, is reduced or delayed it will severely impact the athletic department. They are down to to minimum required 16 sponsored sports. The AD said that even if the entire department staff was laid off, the combined salaries would not equal $2.7M.