Your leadership was very much on-board with it, for a while. But they did a double-take and decided to go a different direction, which was totally within their rights and also the correct thing to do for A&M, in my opinion anyway.
As for the SEC stuff and Texas, MDT explained it all pretty well. Texas was "supposed" to go with Arkansas back in 1991/92. Former Arkansas head coach, and then-current Arkansas AD Frank Broyles, who also happened to be a good friend of Texas coaching legend Saint Darrell Royal, was actually shocked when it didn't work out that way. He thoroughly believed it was going to happen.
As has been alluded to, the state legislature got involved and didn't want Texas to leave the remaining Texas-based members of the SWC high and dry.
Subsequently, in the 92/93 timeframe, Texas expressed interest in both the PAC and B1G, and the interest was mutual, when UT's administrators saw the writing on the wall for the SWC based on the new "TV contract conference era." Gigem is certainly correct that a lot of the suits considered UT to be more inline with the values of the B1G and PAC, compared to the SEC, however you choose to interpret that.
And simultaneously A&M was interested in the SEC. But the Texas leg wasn't about to let the two teams leave the SWC.
Interestingly enough, Ann Richards had zero to do with Baylor's inclusion in the B12. Bob Bullock was extremely powerful and influential, and he had degrees from both Texas Tech AND Baylor. It was completely his doing. I have to respect how much that guy swung his weight around, he's among the most powerful politicians in Texas history, close behind LBJ and maybe a handful of others.