What Texas and OU are doing is terrible for college football. College football will always thrive as a sport in the south, but whether it survives as a rival to the NFL outside the south and parts of the mid west depend on CFB retaining the traditions and familiarity that made it so different from the NFL.
What OU, Texas and the rest of the SEC want is to be the NFL, with NFL money, NFL stadiums, NFL TV, and NFL quality athletes. That won't fly in the majority of the country if it comes at the price of the traditions and history that made CFB so great.