I have already heard two different ESPN radio shows call this move for expansion nothing but greed and "unbridled capitalism". As the dust settles on this, I imagine more and more of the main stream fans and media will see how Texas played the PAC10 vs the Big12 and left all these other teams scrambling just so they could make millions on top of their current millions. Texas has not taken a PR hit yet because the Southwest10 did not disolve. But I think the rest of the college football fans in this country see them as a egotistical pricks now. AD and conference commissioners want expansion and more money. College football fans want their tradition (conference) and their team to win.
Also, I am not sure what, if any thing can be done (free market, capitalism, and all) but I would not be surprised if the NCAA begins to take measures to place some reins on college football and TV money. Like put rules in place that conferences have to share revenue equally and give some back to the NCAA to spread to the lesser conferences, and etc. Again, I am no Lawyer. So, I don't know how or if that is legally possible but the results of this will be the NCAA stepping in some form or fashion.
With all that said though, Texas did what was best for Texas. In a deal that makes JR Ewing look like a saint, Texas helps themselves greatly as well as the other members of the Southwest10. If I am Texas, I would feel damn good about my spot in college football right now.