During the last ACC TV rights deal, ESPN bought the rights to all the conference's content. However, the old guard on Tobacco Road didn't want to leave their long-time media partner Raycom out of the package. So all agreed that ESPN would resell certain games back to Raycom for Raycom to then produce and distribute. (When you see the ACC Games on regional sports networks or your local broadcast station, those are Raycom productions.)
At the time many critics found the Raycom deal outdated and provincial. The ACC was keeping old friends happy at the expense of more dollars from ESPN and should have spent that energy pushing for its own ACC Network.