According to this AP report, "Less than an hour after Miami officially accepted an invitation to join the ACC, Connecticut Attorney General Richard Blumenthal said Big East schools would seek to recover not only losses in ticket sales and broadcasting fees, but also the cash value of diminished recruiting power and scarred relationships with donors."
That sounds to me like a bunch of nonsense. I'd guess that some federal judges might throw out as unproven and unreliable any expert testimony purporting to calculate those damages - but maybe Daubert is not the law in Connecticut. The damages are not going to be measurable in any real sense for years to come, unless the BCS or some television network pulls the plug on the Big East, and if that happens, the BCS ought to be the defendant, not the ACC.
Update - looking again at the Complaint, always a good idea, it appears that Counts 1-4 are only against Miami (now that BC is out), and the other remaining defendant is the Atlantic Coast Conference itself, not any state agencies. The Complaint does not say what kind of an entity the ACC is, whether it exists separately from its members, so I don't know whether the plaintiffs' claims present any immunity issues, which takes me back to wondering whether the case should be removed to federal court.