The Statesman's Kirk Bohls says that at some point Texas will create their own sports network possibly "within a year or so."
Apparently Fox owns most of the Big 12's non-revenue sports, but they aren't going to create a Big 12 network. So Deloss Dodds says Texas could potentially show their non-televised games and other stuff.
I am of the opinion that this would be a very good thing.
The devil will be in the details.