ND has not proven the independent model works or else they'd be left out of these expansion discussions and also completely abandon the Big East.
I think the Big 12 has a significant role to play in it. Whatever you want to say about it being a weak conference, it's not weak athletically. It's weak in conviction. But it's not like Texas will get golden opportunities to play rivals like Texas Tech, Texas A&M, Baylor, Oklahoma, Oklahoma State, Kansas, Kansas State, and Missouri (why the duck Iowa State is in the B12 is beyond me.) This is beyond football too. All of these teams have great football and/or basketball programs. And these teams were pretty much guaranteed in on their schedules. Texas/OU is one of the biggest rivalries out there. The Big 12 imploding will only destroy that. In fact, we'll see how that goes this year and future years with the division split between Mich and tOSU.
Would Texas be able to survive? Yeah, they just got a huge contract from ESPN. But I think you'd be surprised how hard it would be for Texas to get a schedule like they would in the Big 12. If it weren't for Notre Dame having "lifelong" contracts with teams from years and years of tradition, it's schedule would be subject to criticism.