Apparently not accepting the new agreement is been changed from SE firing me, to me resigning. I have not actively accepted nor declined the new agreement, but I did just receive the following email.
Hello James Jenkins
I've been notified that you've declined the moderator agreement and I'm reaching out to give you some additional information about the step-down process. I'm sorry about the delay in getting back to you and if you felt like you were in limbo waiting for things to happen. Thank you so much for the time you've given to SE as a moderator and your support of your site's community.
Firstly, I'm not planning to remove your diamond until the interim period is completed. Currently that's scheduled to end on September 7th. This date may also slip later if we have too few moderator responses to fill in gaps before September 7th. Since we've already scheduled an election for Pets, so if that ends before the interim period does, we can remove you when the new moderators are announced. I've written a long post on the Moderator Team about the next steps in this process if you're a member. If not, I'll be happy to share the text of it with you.
In the interim, if you have unanswered questions or concerns that you'd like to have addressed or you would like to talk with a CM about the mod agreement, please feel free to ask here or in the chat room I've created here. I'm going to be available there, just ping me or someone else to ask a question. I've answered many questions in various places over the last few months so it's kinda hard for me to respond to everything in different places. I'm hoping that the chat room will be a place where people can review past conversations and then ask new questions but I'll answer anything you've got.
I sincerely believe that with the new agreement and the Council, the moderators will be treated fairly and listened to more. If there's anything that I might be able to do - within my power - that will help you see that, please let me know. If you are convinced that you must resign, I respect that decision and reiterate my appreciation for your time invested. Please know that you may choose to request reinstatement at any point after stepping down, and that we've streamlined the process to be relatively quick.
Please respond to this email with any questions you may have and/or to confirm your decision to resign.
~ Catherine Kuck
Stack Exchange Community Manager
Seems like SE is getting a bit more aggressive while still pretending none of it is on them.