Here is the relevant rule:

17.9.5.2 -Annual Exemptions. [FBS/FCS]
The maximum number of football contests shall exclude the following:

(j) Foreign Tour. [FBS/FCS]
The football games played on a foreign tour, provided the tour occurs only once in a four-year period and is conducted by the member institution in accordance with the procedures set forth in Bylaw 30.7 (see Bylaw 17.29);

Here is the by-law:
17.29 FOREIGN TOURS
17.29.1 Institutionally Certified Tours. A member institution may participate in competition in any sport on foreign tours certified by the institution in accordance with procedures set forth under Bylaw 30.7. (Revised: 1/11/89, 1/14/97 effective 8/1/97)

17.29.1.1 Contest Exclusions. Any contest or date of competition played on a certified foreign tour shall be excluded from the limitations set forth in this bylaw.

17.29.1.2 Timing of Tour. A foreign tour taken during the summer vacation period shall be considered to have occurred during the academic year after the summer for purposes of Bylaws 17 and 30.7. (Adopted: 1/9/96 effective
8/1/96)

17.29.1.3 Tour to U.S. Territory or Commonwealth. A tour to a U.S. commonwealth (e.g., Puerto Rico) or a U.S. territory (e.g., Virgin Islands) is not considered a foreign tour.

17.29.2 Outside-Team Tours. An outside team that includes student-athletes from more than one member institution may participate in international competition in any sport on a foreign tour. However, any such outside team that includes more than the following number of student-
athletes from the same member institution must be certified by the institution in accordance with procedures set forth in Bylaw 30.7. (Revised: 1/14/97 effective 8/1/97, 10/31/02)

Baseball - 4
Basketball - 2
Football - 5
Lacrosse - 5

So here's what I think this means:
1) you're allowed to play a football game in Europe once every 4 years and it wouldn't count toward the 12-game limit (kind of like Hawaii, only closer for the ACC)
2) you can also create an all-star team composed of not more than 5 players from each team, and they can play a team composed of alumni, and you can do that EVERY YEAR if you wish.

(By the way, the rule on Spring Games says that they can also be vs. an alumni team - hmmm!)