No they weren't. They were stuck with the option go West or be left floundering.
BTW, Texas A&M will supplant Texas... it is just a matter of time. Kind of like politics, the old farts take years to get convinced. Here is the advantages A&M has versus Texas:
1. More success on the field currently and more potential for on the field success in the future (A&M is projected to be in top 15 going into this season and I think they have a great chance to finish as high as #2 in SEC West behind only Alabama)
2. Far more attractive opponents on their schedule (Alabama, Auburn, Arkansas, LSU, etc.). The only major power program on Texas' schedule in-conference is Oklahoma. (There are good teams like Oklahoma State, Texas Tech, Kansas State, etc. but they just don't have the fans, tv ratings, or tradition to get a lot of views. You have programs like Arkansas in the SEC who have stunk in recent years but still have more fans and a stronger brand).
3. Politics/Culture - UT Austin doesn't really fit Texan culture. With how liberal the school is, I can see them doing some stupid Woke thing that will turn off most of the Longhorn fan base similar to a Lebron James type move. A&M is far less likely to do this and the culture at the school is better aligned with most of the Texas culture (notably Texans who would be interested in football).
In reality, Texas needs Oklahoma to survive. The sad thing is Oklahoma is destroying Texas year-in and year-out. Even Baylor and TCU have had better programs in recent history. The only thing that Texas has going for them is the fact that they are called the University of Texas and their tradition.