I'd be shocked if this happened, but a lot of the crap spewed about Texas and OU is just PR. Revenue in the Big XII is split 100% equally in Tier 2 rights, and is already 80% equal for Tier 1 rights (with the other 20% depending on number of Tier 1 appearences). Where it's uneven is Tier 3 rights (where, until the LHN, Kansas was the #1 Tier 3 earner by an order of magnitude in that conference) and other school-by-school branding/brand extensions/athletic foundation donations/etc.
Texas as a market and a recruiting base (for football and basketball- and it's only going to get better for basketball) would be great for the Big East schools. But I'd be shocked if it happens. First order of business is adding BYU and retaining Mizzou. We'll see what the conference decides to do after that. The Big XII won't want to add six schools unless ESPN and Fox will increase the Tier 1 and 2 contracts for the conference. Otherwise, you'e just sharing the same amount of money across more teams. However, that could well happen if the Big XII brings significant new markets to the table.