One of the reasons Texas isn't a favorite to join the SEC is because it would rekindle the Texas v A&M rivalry that Texas quit after A&M moved to the SEC.
I'm not 100% convinced the "Texas quit" narrative is the whole story. Beat writers, especially those that cover the Longhorns, have been very loose with the truth since their appearance in the BCS (and subsequent downfall.) I know guys like Ketchum have put out that idea. I don't know who they are getting it from; if anyone. I suspect it's booster(s) source(s) versus people in their administration.
(Let's not forget this is the same group talking about how Saban's wife and daughter where in Texas house hunting. Let's not forget this is the group that said, "ESPN is reporting" when in fact
they had gone on a local ESPN affiliate and started the story. Yes, literally citing
themselves as a source from ESPN.
Personally, I don't see any reason for Texas to join the SEC. Financially, their network covers what we see most schools getting from conference revenue.
While a home-and-home may sound appealing, a team can make more money by getting into a neutral site game. Texas wouldn't want to schedule too many home-and-homes games with "quality" teams because it lessens their chance of getting into the playoffs (they already make a ton of money so financials are the driver
It's my opinion if there is another school that can pull off being an Independent like Notre Dame, it's Texas. Now, that comes with a BIG if...and it would require the playoff committee putting out a clause similar to the one Notre Dame has about getting in the playoffs. (FWIW, BYU is another I think could pull it off IF they spend their resources wisely.)
I would love to see what kind of out-clauses ESPN / Texas have built into the contracts. I assume there are a few, ya know? I can see ESPN wanting to restructure. I can't see Texas wanting to do the same unless they are forced to do so.