Texas turned down the PAC-10. It sounds like Texas really wanted to go, but Texas A&M, Oklahoma State and Oklahoma were all reluctant. Texas Tech in a better position geographically might have wanted to go. But I don't know that anyone bothered to ask them their opinion. A&M put its foot down and the deal fell through, at least the deal Texas wanted.
There will be some sort of conference network, but that's not the end of the TV news. The deal Texas is going to get from the Big12 (to have another additional private network) stinks, but Missouri, Kansas, Kansas State and Iowa State can probably form a mini-network and keep the profits which should remove some of the sting. I think Baylor, OSU and Texas Tech are pretty much screwed, because Texas, A&M and Oklahoma probably aren't going to share. The one intriguing thing about this deal is that it leaves the door wide open for... Notre Dame. All the comforts of the Big East with better football, less travel and they could keep their NBC profits for themselves.
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My general understanding has been that the big challenge with all of this is that Texas A&M always wanted to be in the SEC, which Texas has no interest in joining - but both pretty much can't split from each other.
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Personally I'd rather see Air Force than TCU, but the Horned Frogs would be acceptable. There are other possibilities including Colorado State, Memphis, Houston or Rice.
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At this point, I'm in favor of any situation that doesn't result in Maryland joining the Big Ten...