I don't really see Texas going somewhere that they can't dictate what happens, as USC and UCLA already pretty much dictate the PAC and I doubt that they would just hand the reigns over. And I see a scenario where Texas strongarms the rest of the Big 12 into staying, which includes Nebraska, as a more likely scenario than the PAC jumping to 16 teams.
As for Utah going to the PAC, well, they may be liberal compared to BYU, but then again, who isn't (other than the service academies and a handful of other schools)? CU fits, except geographically, but they don't deliver the Denver market by themselves, and you would need at least 2 other front range schools in order to get the desired amount of tv sets, but I don't think it would be worth it.