First, while I agree that the leadership has been awful, I think the belief "Texas has run the Big 12" is a big misconception. They aren't running things near to the extent that people make it out to be.
Also, Larry Scott seems like he's a heck of a leader (he helped the WTA reach beyond its earning potential), so I trust that should this expansion take place, he won't be near as inept as Beebe and Weiberg.
I think he knows that giving into Texas' preference of having Baylor over Colorado, while might not be the best option that Scott wants given that he probably would rather have Colorado over the baptist school, is the best option for the conference currently and in the long-term. Think about it: You take the 6 schools, as opposed to just Colorado and Utah, you're obtaining more viable TV markets and more schools with football clout (the two vital factors in this discussion). The potential is vastly greater should the Pac 10 take those 6 rather than just Colorado and Utah, and I think not letting Texas in because of an "ego" factor, would be a big mistake. Just because Texas gets its way letting Baylor in over Colorado, does not mean Texas will be running the show. Give in to the demand to let Texas as well as the rest of the Texas schools in, and treat the entire teams in the conference equally. The outcome would be much greater.
I don't disagree with your premise, but if what we are hearing is true, then Baylor being included at all is "off the table" by sticking with the CU invite unless OU, oSu or TT are thrown out. The Utah thing is something that makes more sense than TT or oSu and hedges the Pac-10's bet. We'll see, maybe the Utah thing is a sham, but I sure like how this Scott guy played the Texas Legislature.