You could argue that UT's schedule in the Big 12 already is OU, A&M and a long list of nobodys, so I don't see much dropoff if they left.
Not saying it's going to happen, but I really thing they might be one of the only schools that could pull it off. Their access to cash, and recruits is almost limitless, so I don't see them going back to suckitude anytime soon or staying there long if they do.
If they could create a network that generated even 1/5 of the revenue the Big 10 network does they'd be twice as paid as any Big 10 team.
Texas has even more built-in advantages than ND IMO (facilities, location, recruiting base, rich generous alumni) and they win...A LOT. Plus this is just the sort of thing that would feed the ego of horn fans if they pulled it off.
and what happens to the rest of UT sports? You think they would just get the hoops teams in a conference?