I'm fine with Tex being over OU, but I think OU should be above them - even with the head-to-head loss.
Ask yourself- if OU had beaten TT by only 3, how would that change the dynamic? Tex beat OU in a close game (10 points, but the game was quite close), OU beat TT in a close game, TT beat Tex in a close game. It'd be "pick out of a hat" time (you could make the road loss/neutral field loss, argument, I guess). The only reason this isn't a 3 team debate is because OU obliterated TT. So because OU obliterated TT and took them out of the discussion, Texas essentially benefits. Put another way, if OU had barely beaten TT, Texas would have a tough case to be ahead of TT. But because OU stomped TT, prison riot style, Texas' loss to TT is essentially ignored. Dunno. Just seems perverse.
Then again, it seems equally perverse to put a 1 loss team ahead of another 1 loss team that beat them. Damn Big 12!