I disagree. There are three potential conferences they could go to: The SEC, the Big 10, and the Pac 10. The SEC and the Big 10 have business models that have made their conference members incredibly wealthy. Neither will be willing to acquiesce to UT's overbearing demands. They don't have to. They already have all the money they need and can easily cherry pick off some other schools (ND, Pitt, Missou, KU, A&M, Clemson, OU) and pretty much get the exact same result without the headache.
That leaves the Pac. As I mentioned, I think that the member institutions have seen just about everything they need to see out of UT to know that they don't want any part of them. At the very least, they won't allow UT to come into the league with their own network and an unbalanced revenue scheme. Again, they have no reason to. The Pac, as it stands, is the only major conference in two time zones. UT is not really all that coveted.
At the end of the day, I think UT tries to go independent, and OU and A&M wind up in the SEC, with maybe OSU along for the ride. The Big 12 will implode, there's no stopping that. UT may try to re-invent the old SWC with some also-ran teams like Baylor, Tech, Rice, UNT, Houston, UTEP, SMU and TCU. But nobody outside of the state of Texas will ever care about what goes on in that conference.