Ticketed fans can't "produce or disseminate (or aid in producing or disseminating) any material or information about the Event, including, but not limited to, any account, description, picture, video, audio, reproduction or other information concerning the Event."
So basically, if I were at a game (HAHAHAHAHAHAHAHAHAHAHAHAHA!!!1!) and I posted a tweet (HAHAHAHA!!!) saying "We're ahead by 3!" the SEC could... what... wave their arms and yell "social media baaaaad!!!" I mean, seriously, what are they going to do? Would they even know, by the tweet, who posted it? Would they get a court order to view my cell phone records or Twitter account history to verify I posted the offending update to the four and a half users subscribed to my Twitter feed? Would they issue a take-down notice? Do they really want to prevent people from getting interested in their events?
This is reminding me a lot of the record labels' fight against online radio stations like Pandora, because you really can't calculate the the massive damage caused by fans discovering your artists music and using these new mediums to purchase albums/songs and rave/rant about these artists. After all, it's all about ensuring you maintain the smallest audience possible in order to guarantee your collapse in the unavoidable world of the Internet.
Way to go asshats.
You can read a more thorough presentation of the issue over at mashable.
Update: I heard on the radio a few minutes ago that the policy has been revised to only ban live video streams. I haven't yet found an article explaining this.