I don't quite recall everything about it and I only found out several years after the fact from Tech insiders about GT and UVA being approached. I remember being angry at Maryland and they were an initial target being the DC team. I THINK Rutgers was a fallback team when a 3rd team said "no" so B1G had to find a second team to come with Maryland. Tech literally had an offer on the damn table but the BOR and President said no. Not sure how far UVA went down the path.
I have not heard either way but it's almost a sure bet that the 3rd team was UNC, everybody wants them even today. It makes sense, both in the B1G desire and in them declining the invite since they pretty much control the ACC anyway.
It was shortly after this that the ACC schools increased the exit fee substantially.
I think we would take it today, seeing how everything has turned out.