Is it possible A&M could lobby for a 50% share in Texas' profits in their private network and sharing programming? The legislature could make it happen in order to keep them together.
People keep bringing up the legislature, but they're not a factor in this for the next two years unless Rick "Adios Mofo" Perry calls a special session. They just ended their last session, and they don't meet again until 2013, after the elections (IIRC). I don't think Perry wants to expend political capital on this, so until he does that makes this a non-factor.
Then again, this may be why there's a rush on this--to get the deal approved before a special session can be called for.