It was not extortion.
We just paid Texas because we like them so much.
According to the AP, “‘Five schools got together and we tried to develop a business plan like everything else,’ said Perkins, who did not disclose financial details of the offer. He said paying to remain aligned with Texas, Oklahoma and Texas A&M is no different from a school giving a pay raise to a coach who wins a national championship and gets other job offers.”
Now that I think about it, Texas does have some mighty hot cheerleaders. It might be worth paying the money to stay in a conference with the Longhorns.