Great point that the only loser is sports in the state of Texas. Personally I think the Big 12 will survive just as the WAC is doing. It may eventually end up being a watered-down conference, but there are plenty of Texas/Oklahoma and regional school to replace it. I could definitely see a scenario where UNT ends up in the Big 12, but it won't have nearly the prestige it had. I think by the time we get an offer from the Big 12, the MWC will be a better choice.
It's sad to see one of the greatest football states in the country not having a stronger regional conference than the Big 12. The east has the SEC and the west has the Pac 10, and we will have the watered-down Big 12. We have UT and their greed to blame for all this.