OK, first off, the majority of the schools in the Big 12 are not in Texas. A third of them are, though. Half the schools are not in either Oklahoma or Texas. When the conference first was formed, the thought was that adding in the Texas teams would be good for everybody, but they ended up sucking the life out of all of the original Big 8 save for maybe OU. And lets not fool ourselves here, if not for Bob Stoops, OU would suck just as bad as we do. OU hit the jackpot when they hired him.
Texas is a disease. A cancerous lesion. A virus. They attack healthy conferences and suck them dry. By themselves, they might not be so dangerous. Combine them with OU, OSU, Tech and A&M, they would dramatically alter the Pac 10. Bad move by the Pac, bad move for CU.
I'm hoping one of two things happen. First, this story is a load of bull and there isn't a shred of truth to it. Two, UT has too much to lose by agreeing to such a deal and decides to leverage the invite into an SEC invite and they go there.
In the end, CU is better in this scenario than they would be if they got left at the altar, but only marginally.