Why Pitt?
So I'm going to put on my pointy tin foil hat and throw out a little conference expansion conspiracy theory.
Texas, as with all schools, has and always will do what they think is in their best interest. The big difference with Texas is that they have enough power to actually influence their own outcomes and push things in the direction they want them to go, unlike a Kansas State. They are used to this power and know how to use it. They don't want the SEC, Big 10 or Aggie telling them how things are going to go. If the Big 12 breaks up and ND is forced to join a super conference they will be both be fine, but that is a K-State way of thinking. K-State plays the cards they were dealt. Texas and ND expect to be the dealer and know how to mark the cards and stack the deck in their favor. Of the elite schools, Texas is the one that is feeling the least in control of their own destiny right now and the most likely to be pushing buttons to get their world back under control.
The biggest motivator for Texas is power, not money. With the new Fox deal and LHN they have more money than anyone and that stream of revenue is fairly secure. So what keeps them up at night is a loss of power. They need to be the big dog in an elite conference to keep that power. The Big 12 is on their way down not up so Texas must do something about this. Azcat has suggested that Texas want to make a super elite conference with ND and a few other elite level schools. This doesn't work in my opinion. Texas wants to be lord of their domain and they can't do that in an elite only conference, they know that they would have to share too much power. Another theory is that they could go independent. This doesn't work either. Although ND is still a national power (see their special BCS rules) their influence is waning and Texas sees that. That leaves their only option as making the Big 12 better. BYU, SMU, Houston etc doesn't do that. They need ND, that is the end game in this for Texas but how do they get there. Picking up the phone and calling ND and saying "hey Aggies leaving lets party!" won't work. If it did that would have already happened.
Texas needs ND and they need leverage to get ND to make the move. As we all know ND plays their other sports in the Big East. Their football team can stay independent for awhile but their other sports must be in a conference. So, Texas' best option is to help facilitate the break up of the Big East, or at least make it seem unstable enough that ND wants to jump that sinking ship. The ACC has also been rumored to be looking at some Big East teams, especially if SEC #14 (15?,16?) come from the ACC. So why Pitt? Its not about wanting Pitt, its about what Pitt jumping ship does to the Big East and creating inertia for ND to do something.