8/10/11 Update - In an interview with the Dallas Morning Texas Governor Rick Perry had this to say.
"I'll be real honest with you. I just read about it the same time as y'all did. ... As far as I know, conversations are being had. That's frankly all I know. I just refer you to the university and the decision makers over there."
There is still the question of breaking up Texas and Texas A&M, and or the Oklahoma schools, but it is beginning to look like there is a fire roaring beneath all this smoke...
Texas A&M and Aggies in general are too proud to be the seen as the bridesmaid to Texas, or t.u. as they refer to the school in Austin.
Oklahoma too is in a position that does not make alumni happy, and no matter the outcome of moves that may or may not happen, they do not think for a minute that the Red River Rivalry, or the annual Thanksgiving weekend games between Texas-Texas A&M will go away.
With the Texas Network, and all that goes with it, Texas has elevated itself above the Big XII to the point that the Aggies and Sooners (who both deny talks to leave the floundering conference) may soon bolt to the SEC, or could it be another move they are looking at, possibly west to the Pac-12?
Whatever the plans are, the odds of those two staying with Texas seem to glow dimmer every day.
While many in the current SEC think these two would become lesser Georgia or LSU level teams, this may be a perfect move for both schools, and do not underestimate the recruiting implications for all involved, and that includes Texas, which may be the school that loses the most in this proposition...