Forewarning to whichever conference is unfortunate enough to pick up the University of Texas...
Texas is a bully. When the corrupt SWC died and the four major Texas schools went searching around for a home, the Big 8 saw major growth potential. They saw the addition of Texas as a boon for the conference. From day one, however, Texas wanted to control everything and make the Big 12 its own domain.
At the time, Nebraska was king of the conference. The year the Big 12 began play, 1996, Nebraska was coming off two undefeated national championship seasons, four consecutive conference championships, and hadn't lost a game since 1993. Texas was a pretty decent, middling sort of team around that time.
Yet, they get to the Big 12 and start making all sorts of demands. They saw Nebraska's policy of admitting partial qualifiers (players that aren't academically eligible to compete in NCAA play upon admission, but who must meet eligibility requirements before they see game action) as an "unfair" recruiting advantage. So they lobbied to have the Big 12 ban partial and non-qualifiers. This was complete hogwash... no other BCS conference has such a rule. Texas was sitting on the richest recruiting ground in the nation and still not doing jack squat with it at the time. So they saw which strings they could pull behind the scenes to try and take away the small advantage Nebraska had at the time.
Texas eventually got its way with moving the league headquarters to Texas. The conference championship game is now in Texas indefinitely. They've always been vehemently against revenue sharing. They also want to start their own television network in place of a Big 12 network.
They want to be in a conference, yet retain all the rights and privileges as an independent. They want to have their cake and eat it too. And they're Texas, dad gummit, so they're gonna git it.
They are so full of themselves, they even have OU seemingly wrapped up on their little finger, waiting at UT's beck and call and following it wherever it goes. A lot of people down here call OU the University of Texas-Norman Campus.
UT is a cancer on any conference. There is a reason that in 15 years, two conferences of whom UT has been a member are dissolving. Unless UT is willing to be a team player instead of the belle of every ball, I guarantee this exact same scenario is going to play out in whichever conference UT ends up. That is, if there are any teams in said conference that have the backbone to stand up and say, "enough is enough."