For those that don't understand, there is Arbitration and there is Mediation.
Arbitration is typically something that is mandated by an agreement between two parties. It's an alternative to going to court. For example, the ACC's GOR or by-laws might try to require that parties go to arbitration instead of court. It's usually designed to lessen the cost of disputes, allow them to be decided faster, and are particularly good where substantive legal issues are such that they would best be heard and understood by an arbitrator with special industry knowledge. Often, it is binding without the possibility of appeal. When an appeal is possible, there are often large penalties if you appeal and lose in court.
Mediation is voluntary even if court requires that the parties do so. I have been in many mediations where we were required by the court to attend, but they couldn't require us to participate. Neither side often puts their cards on the table during mediation because the mediator doesn't make a decision ... he or she tries to talk the parties into agreeing. They often start with meetings alone with each party and then perhaps meeting together if they think it would help. I won a lawsuit in 2014 where we had mediation that went for 12 hours, and had an agreement at about midnight until the defendant's wife came into the room and made her husband reject it. That night and her actions cost me about $600,000 more in attorneys fees, of the total $1.3 million I paid to litigate, because we had to go to trial where I won - but it cost me a ton of money.
The mediation in the ACC v. FSU case is mandated by the court, I believe, but it is not binding. I can't see how they parties can find common ground, so it is good for the ACC who wants delay.