I imagine Disney wants them to change it quite badly, but there's not a whole lot they can do about it to my understanding.
Do you mean licensing agreement as in how TDR functions in relation to Disney? If so: I don't believe Disney can force the OLC to do anything with Splash. That would be counter to their established agreement, in which Disney is basically the OLC's only authorized vendor and Tokyo chooses to build-and do all the financing for-whatever they like from Disney. I don't know if there are any clauses of the contract that Disney might exploit to change that, but I can't imagine OLC would take too kindly to Disney forcing them to retheme an entire ride and land that are extremely popular and also footing none of the bill. It would do a lot of damage to their existing partnership.
But seeing as most US Disney fans don't know that TDR exists, since it's never talked about unless Disney absolutely has to, Disney might just choose to studiously ignore the fact that Splash is still around over there. And they might even get away with it, since the US Disney parks fans more often than not can't even fathom going to the Disney resort on the other side of this country, let alone one that's international.