Bring in Texas, A&M or Tech, and you've got to deal with the Texas State Legislature. You think dealing with Jim Delaney and the NCAA folks is bad? Try the esteemed representatives (and their governor - an A&M grad) in Austin. They get involved in everything regarding those universities, to include negotiating (or at least very heavily influencing) the TV rights, etc. And they are more than willing to fight for "more than their fair share." Think of ND with lots of political muscle behind them.
While it would be totally badass to have UT as an annual competitor, (or at least play against them for a conference championship, depending upon how the divisions worked themselves out) I don't think dealing with the Texas State Legislature is worth it.