I think the other thing that has really a hampered Texas' position is the fact that they played very poorly against Miss State and Kentucky, two teams with horrible records. I don't recall all their games either, but it seems like they had another close call against somebody they shouldn't have as well, plus the loss to Georgia that was a close game until the end.
The MSU and UK games are telling of a team that is inconsistent. A&M basically got away with the same thing with SCAR, but you almost expect something like that on almost any good team at some point in the season. When it happens once, you're resilient and able to mount an impressive come-back. When it happens twice, even if you win, it's lack of consistency and signs of weakness.