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I saw that but read the sentence just prior to the part you highlighted. The blue section is only stating the necessary qualifications for signing a tender offer. A lawyerly reading would place the section 2's wording superior to the part you highlighted. Section 2 say "One" 1st round pick with no restriction or qualifier on which "One".
The part in Blue seems to say that you can not make an offer unless you possess your original draft pick or one better. I does not address the Miami situation where they meet that qualification and also possess a much later pick.
It may be applied as you say in practice but I not sure Miami would lose if they tried to press the issue in court.
At the very least the document is overly complex and poorly drafted. Looks more like the IRS wrote it than private industry.