From Section 13 (a) of the series contract:

“If BYU joins a Power 5 conference (SEC, ACC, Big 10, Big 12 or PAC 12) and begins competing in a full Power 5 conference football schedule prior to or beginning in the 2023 season, the 2023 GAME may be cancelled by BYU, at its sole discretion, with no liquidated damages if notice is given twenty-four (24) months prior to the 2023 GAME. Specifically, notice of cancellation due to Power 5 conference affiliation should be given prior to September 1, 2021 to waive liquidated damages described in Section 14.”

If either team otherwise breaches the contract, the team breaking the agreement would owe $2 million to the other school, with the payment made within three months of the breach.