Right. Theoretically they could withhold payments from the conference TV deals. It would be an extreme option that would almost inevitably end up terminating the relationship between Texas and the SEC, but it's not ever going to come to that.
Yes, Texas will handle it as is appropriate. The formal apologies from university administrators have already been issued, and the fine will be paid. We'll see how diligent the athletic department is about coming up with names of the offenders, as has been suggested already, I'm assuming we have TOP. MEN. working on it, in shifts.
I expect the university administration will also privately send a communication asking the league office if they intend to uphold conference rules about coaches calling out the refs, since Kirby Smart openly stated in the on-field post-game interview that the officials were trying to "rob them" of the victory.
And if I were Texas I'd also privately ask what the SEC administration is planning on doing to reprimand Kirby Smart for assaulting a 20-year old kid from the opposing team on the sideline last week, as well. There's a pretty clear history of unacceptable behavior from one specific person here. I'd like to see UT also bring that to the attention of the league office, privately of course.