The b12 has a problem, though: no conference team is undefeated and Texas is the only team with only 1 season loss. That doesn't leave a lot of options.
They have to know that if they screw over Texas to a loss, then NO team from the Rig 12 will be getting anywhere close to the playoffs. So that means that when everyone gets to the big bowl and playoff games, either NO ONE is talking about the b12 at all, or at best, the conversation would be that winning the b12 isn't impressive enough to get their champion to the playoffs, where the b12 would be considered the worst of the major conferences even BEFORE losing their top two most esteemed teams.
Next option is to let Texas win, or even bite the bullet and rig the games in our favor. The downside there is that the conference champion is leaving next year to a different conference, which could have the appearance that the best team is being promoted to a better league. But on the other hand, at least the b12 is in the mix and being talked about during the playoffs, and there would be opportunity to say how the conference is competitive enough to produce a playoff-worthy champion. "Texas got here because of the quality of wins against the other competitive Big 12 teams, and we'll be back next year with another exciting team!" kind of thing. May be the best option the b12 can have out of this season.
So which do they choose?
Oh, what am I saying? Obviously they will try to screw over Texas and screw themselves over at the same time. If the conference made good decisions, we wouldn't be leaving.