http://ncaafootball.fanhouse.com/2011/01/27/texas-aandm-bolting-to-the-sec-is-just-a-matter-of-time/
I would take that more seriously if it wasn't written by an SEC humper.
I don't believe I saw anything in there about the involvement or impact about the Texas legislature, so I can't take any article seriously that doesn't factor in that variable. That's just a person who looks at sports in a vacuum and assumes that teams can come and go as they please, which is completely untrue.
Also, if A&M is really hurt about what's going on, and their usual whining about not being elite becomes more insufferable than it usually is, I suggest we work with the SEC and do a straight up trade: A&M for Arkansas.
Texas gives us the entire state as they're the biggest team in all parts of the state not named College Station. We really gain nothing by keeping them. We'd be transferring one UT rival for another, and the SEC would get the Texas footprint and we'd get an Arkansas footprint. Win, win, win, win, win, etc.