Very interesting OP. After reading the post I went to the loo. Having emerged, I have a few insights of my own.
First, there is no honor among thieves. This is generally why conspiracies do not exist or survive. The recent actions of the last week or so can all be understood and explained in dollars and sense. Each school and conference is doing what makes the most sense for itself, that being in terms of dollars. Texas believes that it can make more money outside of the Big 12. The PAC-10 believes it can make more money by getting the Texas and Oklahoma schools. And the Big 10 believes it can make more money by getting Nebraska and Missouri. I do not believe for one second that the Big Ten would refuse the option to get OU and OSU if it were a viable option. It seems more likely that OU believes it will make more money if it stays with Texas.
Secondly, I find the fact that ABC own the rights to the Big Ten and the PAC-10 very interesting, but I do not think this puts ESPN and the conferences in the same boat. While ESPN may not break the conspiracy story, I am certain that if there were a conspiracy FOX Sports would break the story. Conspiracies of this size and importance are impossible to hide. There are too many people, secretaries, and people willing to make a quick buck. Even Apple could not hide the new iPhone 4G prototype (thanks Gawker).
Maybe there are some truths to all of these conspiracy stories and I may be wrong. BUT, I think that each school acting in its own interest does explain the appearance of the conspiracy. Everything is happening at the same time right now and I think that this gives credence to this conspiracy.
That being said, I've been wrong before and I will be wrong again. Either way, Texas A&M is in a great position to take advantage of the situation.