Any league they join where they demand to be treated as a superior citizen when it comes to splitting the money is going to collapse. No one wants to play on a team with a guy who demands that he gets all the credit.
Due to what they bring in, Texas deserves a bigger share than the other teams in a conference scenario. By that same token, Alabama and Florida deserve more from the SEC than Vanderbilt for their efforts, but they get an even share, because it's a conference.
What Texas doesn't realize is that without Kansas, K-State, Baylor, Missouri, and other also-rans, they don't get to run up big records and win national titles. You need those teams, and therefore, you need to pay them their share for taking beatings at your hands.
Out of all of this, I sincerely hope Texas doesn't get what they want. If they want to keep all of their money, then they need to go independent like Notre Dame. They are probably the only other school in the country that could do that and demand their own TV contract, but they need to give up on this conference thing if they can't get used to the idea of sharing.