Interesting article from Berry Tramel of the Oklahoman, a guy who actually, you know, lives in Big 12 country. The way he sees it, the Big 12's survival depends on Nebraska, not Texas. He thinks the Big 12 can be fine without Missouri, and I would agree. However it can't really thrive without Nebraska, so if the Huskers stay, then the Big 12 lives. Nebraska, as you probably remember, has been making eyes at the Big Ten over the past couple months (though not as overtly as Missouri has been).
It makes sense. After all, Nebraska is the school most dissatisfied with the Big 12's current state. And the Big 12 is the only place where Texas can accomplish all of its goals: enjoy unquestioned conference hegemony, gain an unequally large portion of a TV deal, and keep its options open for starting a UT television network. It can only get the second from the Pac-10, the third from the SEC, and none from the Big Ten.