CAARHAWK, remember that the decision is made by University Presidents and not Boosters and ADs. There is so much more money to be made for Texas in research collaborations with Big 10 universities than any TV contract or slightly annoyed booster who will probably still donate money anyways. You made the point about the Pac 10 raiding the Big 12 much earlier than anyone else and I applaud you for your astute observation, but to think Texas wouldn't join the Big 10 because of boosters and football teams being unhappy about cold-weather games is disappointing coming from a keen observer like yourself.
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You don't know Texas. Do yourself a favor and Netflix the Television show Friday Night Lights. That is high school. UT is like that on steroids. Decisions that affect UT football that don't jibe with the desires of boosters and alumni will get the president bounced in a second, believe me. I would agree completely with this point for the vast majority of schools, but this perspective has to be tempered with Texas.
However, even considering this point, I went to California Berkeley for undergrad. Believe me, the Pac Ten schools, particularly the California schools Berkeley, UCLA, Stanford, and USC hold their own in research funding.
However, this is where the mix between athletics and academics is particularly interesting for Texas. The athletics program does not want their teams having to travel a ton of miles to compete. So, they want to keep some of their neighbor institutions in play. They also want to keep the extremely lucrative Red River Rivalry, which is played in Texas each year. But the research institutions of the Big Ten would really have to swallow a bitter pill to take OU. And, like you said, the Presidents make the decisions in the Big Ten. Conversely, the Pac Ten has already brought in non-AAU schools such as OSU, WSU, and ASU. So it is easier to understand how they would be more amenable to bringing in OU along with Texas and TAMU.
The questionable choice I see is OSU. I really think the SEC is a much better fit for that institution. If I were the Pac Ten I would reconsider Kansas. They are AAU and that side of the league would be particularly strong in basketball with Kansas, Arizona, and Texas. And then the Pac Ten would only have to hold their nose for OU. However, I do know some people at OU and they are committed to raising their research profile.
(On another note, If OSU goes Pac Ten there will actually be two OSU's in that conference.)