Don't forget that Larry Scott made a trip to Univ. of Houston when he was looking for backup plans to aTm the first time around.
3rd largest university in the state of Texas, no religious affiliations and a huge television market.
Throw in that they're a Top 300 ARWU, a top tier Carnegie research rating, and a Top 50 American Research Universities.
Also, their new on-campus football stadium will seat up to 60k and will be completed in 2014. They're also going to expand and renovate their basketball arena. Students approved an increase in their student fees to pay for a lot of this.
Finally, their sports programs are a great fit for the Pac-12. 16 national championships in golf, tons of NCAA tourney appearances and some Final Fours in hoops, regular bowl games in football with a Heisman, and both track & field and swimming & diving teams that are among the best in the nation.
If the Pac-12 expands, I really think Houston will be the main target. Possibly along with SMU so that we've got a presence in the Top 10 media markets of Houston and Dallas. To get to 16, I'd prefer UNLV and New Mexico so we don't have flyover states in the conference footprint.