I started this as a comment to SoCalCoug's FanPost, but it got pretty long and I figured I should just make it a FanPost so Nusser wouldn't get too ticked off. ; )
I didn't quite agree with everything SoCalCoug said, but it was all very interesting and got me thinking a lot. The most important thing to remember is that making money is by far the highest priority that any school and its athletic department has. That may sound too simple and cynical, but it pretty much explains why Texas, the BIG12, and the PAC12 are doing what they're doing. Texas wants more money, so they used their incredibly strong bargaining power to get it. The other schools in the BIG12 agreed with Texas's demands because they believe they will make more money that way than if Texas completely left the conference.
I get the idea of labeling different revenue sharing models as socialism or capitalism, but I think that the difference is better explained by other factors. First, Texas's bargaining power is ridiculously greater than any other school in the BIG12 because of how much more money they make (and they make much more money based on numerous factors). Even though there are some more powerful teams than others in the PAC12, that same situation doesn't exist, so the schools agreed that they will all make more money by equally sharing revenues. Also, the BIG12 seems to be looking more short term than long term, as opposed to the PAC12. In the short term, all the BIG12 schools can make more money than they otherwise would have if Texas left, but in the long term it probably won't work, just as you said SoCalCoug. That's the beauty of what Larry Scott is doing: making more money for each PAC12 school in the short term and the long term.
When/if the BIG12 model fails, every school in the country will learn from it and adjust their behavior if needed.