If OU and UT broke the bylaws, it appears that the conference is willing to "forgive and forget," as instead of looking to punish they instead allegedly offered each school a 1.5x share of the TV money. And, it would seem that the punishment for breaking the bylaws would likely be forced to leave, which is what the two schools were planning anyway.

And, as I've pointed out elsewhere, if rumors are to be believed, all the other schools have no broken those same bylaws as they look for a safe landing spot in another conference with OU and UT leaving.