Not for nothing is the SEC good at multiple "little" sports (hello softball and gymnastics). All the big boys in the SEC actually make money in football and some even make moeny in men's basketball. Staggering amounts of money. That largesse is used, in part, to fund these "little" women sports at a level most schools can't or won't.
Since it's very doubtful any of the other LA schools make money one could argue LSU can fairly be exempted as they are self supporting in terms of athletic finding. This is probably the logic behind allowing football and basketball to travel outside of the 375 mile radius.
That said, I have a hard time believing this will ever pass, much less get serious consideration.