Up to this point, no one in the conference bothered with considering a conference network. That idea was voted down (by Oklahoma, Texas, Texas A&M, and Nebraska) when the Big 12 formed in 1994. It was agreed each school had the right to monetize its tier 3 rights however way it saw fit.
Before it moved to the Big Ten, Nebraska led by announcing it would soon be starting on its own network. Texas wanted to go into partnership with A&M for a statewide network (the Lone Star Network), but A&M showed no interest at the time. Eventually, Oklahoma signed a deal with Fox and Baylor, TCU, Texas Tech and Oklahoma State did the same. Texas went with ESPN, while Kansas, Kansas State and West Virginia took different routes
Obviously, Oklahoma did not get the sweet deal that Texas did, so now we have the Oklahoma president screaming we should have a "conference network" (something that it voted down from the beginning). OU's president expects Texas to give up its $300 million-20 year deal with ESPN to form a conference network and to add more schools to "stabilize" the conference. I guess he forgot the conference wasn't stabilized when we had 12 members before. ESPN is already on record for saying that it has a special partnership with Texas and it doesn't see anything changing that relationship.
For a conference network to work, every school having a contract with Fox would have to wait until their contracts expire. Fox owns their tier 3 rights for now. Furthermore, ESPN has a major say in the matter. It is not going to turn Texas over to Fox and Texas is not about to give up the Longhorn Network either. So obviously, OU's president is asking for the impossible from the start.
Other than OU, no other school is crying about wanting a conference network. They seem to be content with what they are receiving from their tier 3 deals.