Contrary to a report in the Austin-American Statesman, Jon Wilner reports the Pac-12 and the Texas Longhorns still have significant hurdles left to clear before the Horns could join the conference. According to Wilner (and others), the Longhorn Network-tailored revenue sharing agreement the Statesman describes doesn't quite go far enough.
The Texaswide Leader would need to "be folded into the Pac-12 regional model," Wilner reports, making it more of a Texas-centric Pac-12 outlet than, well, a Longhorn Network. But from the sounds of it, being an equal partner of the Pac-12 could make Texas more money than the LHN would anyway.
Media outlets from Texas are reporting the deal is almost done, while media outlets from the coast are reporting it isn't. You could presume the real answer is somewhere in between, if you wanted.