I use to work with A&M and KU and had clients across Texas, Oklahoma and Kansas, so I'm a bit familiar with the situation. You are correct, Texas is running the conference and has a really lopsided TV deal. What I can see happening is that Oklahoma, OSU and Texas Tech opt for the PAC-15 and leave Texas without a conference unless they follow. I think the deal with Oklahoma, OSU and Tx Tech is a fairly short term lock up. Something like through 2015 or 2016. Then it's renegotiation time. TX will have to give more or follow.
A&M was split between going with the PAC-12 and SEC. Athletic department wanted SEC and academics wanted PAC-12. We all know who won that decision.
I wouldn't be so sure. As long as the money in that conference remains significantly out of balance with TX getting the lions share, the conference isn't stable.
The grant of rights was extended though to around the same time as the ACC's is set to expire (around 2024/2025-ish).
Big 12 extends rights deal, cementing future - Big 12 Blog - ESPN
Also, while Texas is making more than the rest, they all are making bigger slices of pie than they previously were since Fox and ESPN agreed not to lower the total amounts of their conference television deals despite the conference dropping down to 10 members. (It's why they claim such a large per team average when the numbers come out each season).
But the perhaps most important is two part...first, of all three of those schools, Oklahoma is the only one that actually wants to go to the pac-12. The powers that be at that school made their interest in the conference, its schools, and getting into LA/California fairly clear during the last realignment shift (Ok St and Texas Tech simply wanted to be where OU and Texas went...they were more tag-alongs rather than any sort of driving force in that deal)
Second, though, of those four schools being mentioned here, the only ones the pac-12 really, really wanted in that expansion was Texas, but their one insistence was that Texas share its Longhorn Network money across the league. Texas, who seemed as though they'd be fine with either conference, vehemently refused this. And without the Longhorns, the whole thing fell apart. The Pac-12 isn't going to invite the other three on their own without Texas, especially more or less on a bluff, and likewise OU, Ok St, and Tech (who wouldn't really band together that this) wouldn't be able to bluff/ attempt to (I'm lacking the correct term here, so I'll go with...) "blackmail" Texas into making a move when the Longhorns know the Pac-12 presidents aren't going to invite the three on their own (which last year's realignment clearly showed).
Texas would easily call them on that and win.
I am though curious to see something about the A&M wanted academically to go to the Pac-12 point. The proposed "A&M in the Pac-12" came from the first round of realignment (the one where the Big 12 added Nebraska, the year before A&M left for the SEC); it was part of the massive rumored "Colorado's going to the Pac-10 and bringing Texas and company with it" (Company being in this one deal Tech, OU, Ok St, and A&M) that came from OrangeBloods and Chip Brown...but I thought A&M was reportedly against that from the beginning (and the only ones; the school seemed like they were against that move from the get go)
The next year when they actually moved, the SEC was the only one of those two conferences that A&M was talking to, was it not?