I think it will wind up being converted before too long.
Look at it this way.
Texas concedes its network (maybe a big XII "buyout") and it keeps the league mostly in tact.
Texas doesn't concede it's network. We bail (leaving UT in the new Big East / Big XII) eventually crashing this league the rest of the way.
Texas seeks a new home and concedes it's network.
Texas could try independence, but it will leave its little brothers in state out in the cold. Hard sell to TX politicos.