I think the window of UT-austin entertaining independence is done.

They got stuck with the kids in the divorce and now there are 3 TX schools (all with sizable followings in the legislature) that are completely and totally dependent on them and only them for their survival as P5 schools because no other P5 conference will even entertain the idea of adding any of them without UT also (and most wouldn't take them even then).

The only realistic scenario available to UT for moving at this point is to convince one of the conferences to take the politically inseparable package of UT/OU/OSU/TT...and IMO only the PAC would open to taking that group. By saving the public school parasite, UT can make the case for ditching the two smaller private school parasites.