Having been through that kind of thing ourselves, we ought to appreciate ATex arguing that approaching this subject with a "something just isn't right" kind of argument is insufficiently precise.
My personal view is that this is very much like the Yankees' situation. The Yankees' local tv and radio rights are objectively 10 times more valuable than those of the Kansas City Royals. Some of that is attributable to luck of location and some of it is attributable to the equity they have developed over 80 years of (mostly) winning. Is it "arrogant" of the Yankees to realize that value for themselves and not give it away to the Royals or Pirates? Isn't that essentially the "worst" that Texas is "guilty" of here?
I hadn't been quite convinced by ATex's arguments that Texas has done anything particularly unique or innovative in deloping their Tier 3 rights (though I don't know the details, honestly). But, simply by virtue of the fact that they are Texas (with historic/demographic advantages), those rights are more valuable than similar rights that an Oklahoma St. or Texas Tech -- should Texas be pilloried for simply not giving those advantages away for free?
And, as ATex notes, it certainly isn't (or, at least, hasn't been in the past) "equal" in all the other conferences. Beyond the examples ATex gave, I do know that, up until the most recent Pac 12 contract (which is equal shares), USC and UCLA had always gotten larger percentages of the Pac 10 tv packages -- there was significant criticism within LA of those schools giving up that prior advantage when the Pac 12 did its recent deal.
I think at the end of the day most of what Texas has done is wholly legitimate (I don't think the LHN should be doing high school games) and it is being painted as the bad guy primarily because of jealousy and because of the uniqe power and profile within the sports world of their deal being with ESPN, rather than one of the Fox or less prominent cable channels. If this wasn't an ESPN deal, I imagine there would be much, much less outcry against Texas.