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What does UT really lose?
If the goal is to keep the B12 together than you're right, they will likely lose. But, that doesn't appear to be their incentive in all of this.
UT appears to only be concerned with their revenues and the fact that they will have a significant revenue advantage over their B12 rivals (i.e. Oklahoma) for as long as the B12 lasts. UT is certain that if/when the B12 blows up they will probably have a choice of new conference homes. They may even be able to make a deal with the ACC to join the conference and keep the LHN.
While folks outside of Austin all say how shortsighted UT is being, in reality, they are the only ones who truly control their own destiny.
Texas could lose its rivalry with Oklahoma.
Texas lost its rivalries with Arkansas in '91 and A&M in '12 but that tolerable was because neither of them was ever consistently competitive or interesting enough to fuel much passion.
Oklahoma is Texas' arch-nemesis, and as such, it plays a part in Texas' own identity.
Imagine the Red Sox without the Yankees, God without Satan, Good without Evil, Yin without Yang.
What's the point of competition without a hated albeit begrudgingly respected 100 year rival?
If Texas loses its rivalry with Oklahoma, the passion that is normally directed towards Oklahoma will be directed at the president, chancellor and athletic director who let it happen.
Texas could also lose its smaller rivalries with Baylor, TCU, Texas Tech and its budding rivalries against Kansas, K State, Oklahoma St, Iowa St and West Virginia.
Texas could lose the luxury of playing rivals in their own region,climate and time zone.
Waco and Lubbock may be hell holes, but does Texas really want to get in a position of having to fly its golf team and softball team to places like Pullman, Washington?
After refusing to make concession regarding the Longhorn Network to save the Big 12, will Texas really want to have to scrap the LHN to join another conference?
Or does Texas really imagine they can make it as an independent? I can see them cobbling together a football schedule but good luck with the non-revenue sports. What will we do with them? Join the Sun Belt conference? {sarcasm} Yeah, that's a big improvement {sarcasm}.
Some Texas fans are sycophants who will see the administration's point of view and echo the company line until hell freezes over.
But if Texas is really putting its current revenue streams ahead of the long term consequences, then Texas is playing a very shortsighted game and I find it hard to believe they can be so foolish.