Travel for Texas, Oklahoma, Okie Lite and Tortilla Tech wouldn't be terrible in the Pac-12.
East/West Split and reunite the Pac-8
ASU, UA, UT, TTU, OU, OSU, Utah and Colorado is a very good football division. From Austin-Ames is comparable to Austin-Phoenix.
Taking two teams from Oklahoma would be seen as redundant for the Big Ten or SEC but for the Pac-12 it is actually good for all sports. Especially basketball since it cuts down on travel.
I think the Pac-12 solves all the issues for OU and Texas politics. Or at least better than the Big Ten or SEC.
I would imagine KU to the Big Ten is inevitable after that.