The two are intertwined and each limit the other significantly. It's not some wide open any option is possible scenario.
In both the federal and state cases, the courts can rule on the laws and contracts. They can either say they're legal and in force, or they can say they're not legal. It's possible the courts could say that parts of the law/contracts are not legal but that other parts still apply, but I doubt this happens.
Beyond that, the lawyers from the state don't have a lot of negotiating leeway. It's not like the state lawyers could offer changing how the board is selected. They could offer that they'll ask the state legislature to write a new law changing how the board is selected and that they'll say the governor will sign said legislation into law. There's a lot of "if" and "possible" and very little guarantee that such an offered plan would actually be implemented. There's to many ways for it to go sideways, and the state lawyers cannot effectively guarantee any new law would be passed. There's no way Disney drops the case based on a deal where the state suggests they'll change the law but hasn't actually changed it yet.
The state legislature could pass new legislation undoing the prior legislation. A new law to reset RCID to a new state that revises the law that made the board governor appointed that revised the law that would have disbanded RCID by revising the law that established RCID in the beginning. Until that happens, I don't see how any compromise is even possible.