Yeah, it's not exactly how it works, but close. The League's node ran together a distributed key generation that created a secret key for the whole League so that it's sufficient to have only a threshold number of nodes to recreate that secret key. But since it's using threshold cryptography, it doesn't even ever need to recreate the secret, it can simply aggregate "partial signatures" into valid signatures for the group's public key. The timelock scheme itself relies on so-called "identity-based encryption", so that you can encrypt a plaintext towards the signature of a specific message. And you know in advance that the League is going to sign round number X at time Y, so you can encrypt towards the signature of the round number X, and once it's produced, that signature allows to decrypt the ciphertext. Pairing-based cryptography is kinda magic on that front :)