Do Texas and Aggie truly have plans to expand their stadiums right now?
Sort of. Rumor has it Texas was set to start contracting the final section of the renovation if they won the national championship game vs. Alabama. After Colt got hurt on the 3rd play, they've decided to push it back a few years. All that is left is to close off the south end zone - the rest is already complete (see the pictures below). They will probably start contracting this sometime within the next 7-8 years, pushing the capacity over 120,000.
The A&M president has recently (in the last few weeks) asked the Alumni to come up with over 50 million fast for their stadium expansion. They basically want to put up another "zone" thing like the first one in their open end zone, pushing them over 100k. Filling in the gaps would get them around 115k.
Current (real picture):
Future (model of course):