To be fair, it seems you were technically correct (the best kind!) and the website messaging is slightly confusing. According to xiphmont the main point of this particular group is for sharing IP investigation, and the development output of the members will be directed towards NetVC effort in the IETF. So a codec will be produced, and by these same people, but wearing different hats.

http://xiphmont.livejournal.com/67752.html