Texas does not need A&M and OU is not going to the SEC.
I could see Texas and OU both going to the Big 10 or PAC 12 as both OU and UT are top tier programs.
Actually, I would like to see such a move as it would mean better football and that Texas fans would not have to do road trips to backwater towns like Waco, Ames, Iowa, Manhattan, KS and College Station.
At least in Ann Arbor or Columbus you can eat at a decent restaurant and the local co-eds won’t be drooling Red Man Chew.
The only problem with that scenario is that OU becomes the “odd” team in the equation, since Colorado has already left the Big-12 for the PAC-12. That latter conference would gladly take the Sooners and the Horns, but who becomes the 14th team for the league? I actually think the PAC-10/12/14 would rather have a team like Utah over an Oklahoma State, one of the Kansas teams, or Texas Tech.
Bottom line: I don’t think UT will go independent; as long as the PAC-10 allows them to have the Longhorn Network, Texas will be happy. OU will be invited when they have another team lined up, and I don’t think that school will be from the Big-12.
When that happens, the Big-12 will collapse, and schools like OSU, Baylor, Texas Tech, Kansas etc will be scrambling to join the Mountain West.