It's been mentioned several times on here so here is a detailed article on how it happened.. SEC is talked about a good bet as why Texas refused to not come in 94-95 and almost went to Pac 10 instead of creating the Big 12.
and much of those same reasons are the same still why they do not want to come.
http://www.mysanantonio.com/sports/MYSA081405_3N_SWCbaylor_tech_1ca3e1c_html8528.html
and much of those same reasons are the same still why they do not want to come.
http://www.mysanantonio.com/sports/MYSA081405_3N_SWCbaylor_tech_1ca3e1c_html8528.html