If I recall correctly it didn't seem to hurt Nebraska's national championship aspirations during the 1990s when Oklahoma, their historic and long time rival, had pretty much fallen off the face of the earth.
Far from reflecting poorly upon them, they seized the opportunity and claimed national titles in our absence. So, even though my hyperbole may be excessive, I would just as soon see Texas cease to exist to exist as a football power.
Abso-effinglutely
Put a lid on it! Kiss it goodbye. We gave it away, and apparently thought it made sense to do so.