Well, texas is the straw that stirs that drink so if they said "no" then it is not going to happen. Baylor can be pressured. we may never know.
This is mostly true. It could be, though, that the other schools have realized that there is a decent chance Texas may still bolt at some point in the not too distant future, so they need to strengthen their position to avoid getting screwed if (when?) that happens. We know first hand that you often get burned by letting the conference "power players" call the shots - see, e.g., Pitt insisting we turn down a (relatively) massive TV contract and then bolting at the first opportunity.
That is a cautionary tale for sure. Hopefully they were paying attention.