No. Because ESPN owns the LHN, not the University of Texas. UT gets paid regardless of how successful ESPN is at getting carriers to include it in their package. Eventually ESPN will play hardbill, especially in the state of Texas to have their way and they'll begin to recoup their investment. Even if it is unsuccessful, they won't quit after barely invested for a year. It will take at least 5 years for them to decide to fold.
Now, long-term, anything can happen. But I would be willing to bet that the Pac-12 Presidents and Athletic Director's are more than happy to count their coins and vote down Texas after being stiffed the first time.