The BCS is now mortally wounded. I think that the latest round of conference expansion has finally put a stake through it's heart. But until the death actually occurs, the Texas 10 conference has made a smart decision to stay at 10 schools and not have a championship game. The likelyhood is that at the end of every season, Texas and Oklahoma will end up with either 12-0 or 11-1 records. One team will get an auto bid to the BCS, the other team will be a heavy contender to get an at-large bid. If they played a championship game and the undefeated team lost to a lower ranked team (like what almost happened this year with Nebraska), then the lower ranked team gets a bid and while there are two candidates for an at-large bid. With two 11-1 teams, the conference might be less likely to get the bid because the SEC would be touting their own teams who will be playing a much tougher schedule.
This is why the Texas 10 Conference survived. They are going to mine the BCS until it can't be mined no more.
Why is the BCS dead after the current contract? The SEC, ACC, PAC-12 are not going to stand for this. They are going to see the strategy and realize what the Big 10 is doing. They will destroy the system some how. Either they will go to 16 teams or they will vote to have a playoff. They will not let the Texas 10 continue to have two BCS bids year after year.