I had the same problem so I split my reply into thirds over on the Big East realignment thread. I know Texas is the one school every other conference, Big 10 included, covets, but would they really join the Pac 10? The Big 10, if they thought they'd join, would love to have them. I think the SEC would open it's ranks too. Is Texas really that interested in the Pac 10? I think institutionally they have as much in common with the Big 10 schools as the Pac 10, and the Big 10 would probably be better for them financially. If they want football money, Texas could head to the SEC. I know the SEC is in the catbird seat right now, but they'd be fools not to leap at the chance to stick Texas (and for that matter A&M) in the SEC West, improving the odds for huge ratings in their title game every year. I realize their title game always does well, but they could increase the odds of showcasing some combination of Bama, Auburn, Texas, or A&M vs. Florida, Tennessee, or the Dawgs every year, they'd be fools not to do it.
I could see Texas leaving for more money in the SEC, especially because they could appease the legislature by taking A&M with them, but Texas is very high on academics, and that (not to mention being fairly happy in the Big 12) might be a deal breaker. Do you really think Texas would entertain the Pac 10 over the Big 10? I know it's always been the Pac 10's dream to add Texas and Colorado. That'll never happen without A&M though. If they thought they could pull it off, it'd be in the Big 10's best interest to expel one member and pull in Texas and A&M. That way the Texas legislature is happy, Texas gets it's academics, and Big 10 gets a title game that will bring in massive numbers. I'm sure the new Big 10 would also have a whopper of a tv contract.
Btw, I'm not disputing what you're saying, I'm just curious why Texas is so favorable to the Pac 10. Seems like they could go for bigger money and academics in the Big 10, or simply opt for the biggest money in the SEC.