Conference championships definitely mean something to me. It's not like Texas has been taking them home regularly. Even during our best years under Mack Brown, the Horns only won 2 of them.
But the sports mediot focus on the national championship has become so great, that some folks view it as the ONLY prize worth winning, and any season without one is a bust. That seems like setting yourself up for some major misery, not many seasons are going to end in a NC. Unless you're an Alabama fan and Saban is your coach, I suppose.