Here's a great article about the dichotomy between Texas' desire to remain part of a conference, and their actions making them more and more independent.
http://www.statesman.com/sports/longhorns/ut-independence-fraught-with-peril-1830666.html
The article states, and rightly so, that Texas best option is to remain in the Big XII. The problem is that if TAMU, Oklahoma, and OK State all leave, that may not be a viable option any more. That would leave the Big XII with only 7 teams, meaning they would have to expand to stay together. This would likely include at least BYU to get to eight teams, and possibly Houston, Rice, and maybe even Boise State (although the Big XII has admitted to wanting Notre Dame and TCU, but admit their inclusion is unlikely). ESPN agreed to pay the 10 team no conference championship game Big XII the same amount of money as the old Big XII that had 12 teams and a championship game. I doubt they would agree to continue paying that much for a conference that is basically just Texas. Also, the Longhorn Network isn't as viable as originally thought, and Dish Network even issued a statement saying that two football games doesn't constitute a network and that they won't even begin serious discussion on carrying the LHN until expansiongeddon is over.
If TAMU, OU, and OSU all leave the Big XII, Texas may have to look elsewhere and may have to give up their precious network.