'Isn't the triple option a play and not a formation? You can run the flexbone with 1 TE, 2 TE's, or no TE's. I've seen Paul Johnson videos, and he said that the Triple option is just one play, that you can run in a variety of ways in a variety of formations. You can run the triple option out of the I-formation or the Wishbone.'
Paul Johnson and some other triple-option coaches broke the traditional 'Bone' in the backfield and went to two wing-backs (aka Double-Wing) and then took the TE position and 'flexed' him to the numbers (big white things on the field) with a mirrored SE to the opposite side, dramatically spreading the field horizontally, hence, the 'Flexbone' as it's referred to and why.
Flexbone was actually referred to as a 'spread' option system early on, unlike the spread systems we are familiar with today who put the QB in a shotgun formation with four receivers wide.