Possibly. Or Jimbo can tell them that, as head coach for 9 more years, he will loudly complain he isn't getting the resources from the administration to help him win (ask FSU about those complaints) while deciding to let the school recruit itself and downshift into a nice 30 hour/week pace. Afterall, Jimbo's legacy as national championship winning coach is already secure, and he can always get another school to believe the problem was A&M administration not supporting him. Or, he could decide he has nothing left to prove and retire. Full buy out or else.
The Aggies can make Jimbo's life hell, but Jimbo can make their lives hell by torching their program/brand for nearly a generation of young players and put them into an incredibly deep hole. Such is the nature of mutually assured destruction. Both sides have a certain amount of leverage over the other, but neither one wants to have to use it.