According to Qualcomm, they already have a separate architecture license from ARM that allows them to produce their own cores and sell them in whatever they want. And by their reading of that license, they can purchase the core IP they use for that from a third party, and then use it under their existing license.
From comments here, it sounds like if Qualcomm wins, the ARM/Nuvia deal isn't the problem, the ARM/Qualcomm one is. ARM probably already doesn't like to make broad licensing deals like that, but big customers like them, and ARM in the past couldn't afford to say no.
According to Qualcomm, they already have a separate architecture license from ARM that allows them to produce their own cores and sell them in whatever they want. And by their reading of that license, they can purchase the core IP they use for that from a third party, and then use it under their existing license.