The three conferences that have networks will insist that the LHN be folded into their network. Texas will not agree to that.
OU was shopping itself around, in 2010-11. The Pac-12 rejected them and the others weren't interested.
Texas would survive as an independent and perhaps so could OU.
But they would not leave during the current CFP contract period because they would be shut out of any payouts. The CFP CEOs would not have any incentive to chAnge the contract to include them.