I honestly think it's done.
Notre Dame ALWAYS wanted to stay independent for football. The massive conference re-organizing was based on the assumption that the Pac-10 was going to land Texas.
Had that happened...
Pac-10 becomes 16 team powerhouse (Colo, Texas, Tex Tech, Oklahoma, Ok State, Baylor/A&M/Kansas... A&M wanted to go to SEC in this scenario)
Mizzou, Iowa State, Kansas State, and whoever was left of Baylor/A&M/Kansas would now be without a home. The Big 10 would have the biggest pull, since it had 12 teams as well as their own network, and likely could have snagged 2 of these teams and perhaps pillaged from the Big East as well, which would have left that conference in shambles.
Had the Big 10 and Pac 10 both grown into 16 team super conferences, the ACC and Big East would have been scrambling for answers. Pressure would have also been on Notre Dame to pick a side, too, since there was too much money involved in these mega conferences for them to stay put. Also, would the Big 12 perhaps have tried to save their conference by keeping Mizzou/Kansas/Kansas State/Iowa State/Baylor and raiding Conference USA?
Texas keeping the Big 12 together pretty much ends this string of dominoes. Pac 10 is happy to add two great programs, Big 10 is happy to be an even 11 (they may still push for rutgers/pitt/notre dame and try to get to 14, but I think it's unlikely), Big 12 is happy to exist, Mountain West trades Utah for Boise, and ACC and Big East breathe sighs of relief that it didn't become Pac-16, Big-16, and SEC, in which case they would have been rendered completely useless.