The stupid part of this, from the Orioles perspective, is that in addition to screwing over the Nationals, they're also attempting to shield their TV rights dollars from MLB revenue sharing. Rights fees are subject to revenue sharing, "equity" payments are not.
So instead of compromising, they're probably going to end up with the panel's decision that leaves only 5% in "equity" and vastly increases the amount of MASN money they have to expose to revenue sharing.
I hope Angelos finally gets screwed.