Yeah, you're probably good.
You get UT acceptance/CAP/PACE/decline in late January to mid February, depending on how on top of their shit they are (they got 90K apps this year, so they fell a bit behind and had to send out the "give us another few weeks notice" in late January). You accept CAP agreement and pref campus in early March, so the two events are disconnected.
A few other interesting things about CAP. One, only around a third of the students who take CAP end up at Texas. I have done some digging around on why that is. Of course, some of it is that they don't hack it, but the majority of it is that the kid in question ends up at whatever campus they end up at, decides they like it there, whatever they are pursuing, etc, and decides to stay....which has been the UT System's goal all along. That won't be my kid, but it sounds like it ends up being a lot of them. The second is that I have heard a lot of rumors that CAP is about to be wound down and retired in the near future. Nothing concrete but that's out there on the breeze.