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another reason to put the Aggies and Horns in the same pod

Does not apply to FBS football.  FBS championship is determined by the CFP, not NCAA.

http://fs.ncaa.org/Docs/AMA/Division%20I%20Forms/2010-11%20FBS%20Forms/Football%20Bowl%20Subqa%2012%208%2010.pdf

The rule either has basketball/baseball in mind or was constructed by people who couldn't wrap their heads around a 16-team conference.  The SEC would apply for a waiver and get it.

Wrong. The only thing the CFP controls is the playoff.

It doesn't matter, they'd apply to waive the rule and it would happen.

As I said, FBS football championship is determined by the CFP, not the NCAA.  It is not an NCAA championship as covered by the bylaw as listed below,
 
31.3.4.1 Requirements -- Division I Championship. To be eligible for automatic qualification in a Division I Championship, a member conference must meet the following requirements: (Revised: 12/9/91, 8/13/93, 12/5/94, 10/18/95, 10/27/98, 4/20/99, 1/9/06 effective 8/1/06, 12/15/06)
(a) Conference competition must be conducted in the applicable sport and the conference champion in that sport must be determined not later than the date on which participants are selected for the NCAA championship, either by regular in-season conference competition or a conference meet or tournament, as indicated at the time of application. If a conference's competition to determine its automatic qualifier is unexpectedly terminated (e.g., due to inclement weather), the conference may designate its qualifier, provided it has established objective criteria for making that designation and has communicated that information to the appropriate sports committee by a specified deadline.
(b) In the event of a tie for the conference championship, the conference shall have the responsibility of determining which team or individual shall represent the conference in NCAA competition. If a play-off is held, such competition shall be considered conference competition, not NCAA competition.
(c) In sports other than championship subdivision football, a conference may establish subdivisions and conduct competition within each subdivision to determine a conference champion, as long as each subdivision consists of at least four members. A conference with subdivisions of four members must conduct double round-robin competition within each subdivision, plus a postseason tournament, to determine its champion. A conference with subdivisions of five or more members may conduct either single or double round-robin competition within each subdivision, plus a postseason tournament to determine its champion. (Note: This regulation does not apply to Division I men's or women's basketball. In those sports, a conference may conduct either double round-robin, in-season competition, or a minimum of 14 conference games in order to determine its champion.)
(d) In championship subdivision football, football-playing conferences that subdivide into five or more teams are required to conduct a single round-robin competition within each division and develop a formula for determination of the conference champion, which must be approved by the Football Championship Committee prior to the start of the season. A postseason championship game is not required.

Paragraph (b) is for sports other than FCS football that play for an NCCA championship.