According to this report from the Austin American-Statesman, the ACC has been in contact with Texas:
A high-ranking Texas source said that the ACC has been in contact with Texas, but added that talks hadn't progressed to a mature phase. In fact, the source wasn't sure what other schools the ACC would look to add besides Texas.
Don't take that to mean it won't work.
The ACC is willing to talk about a unique conference format that has intrigued Texas. Instead of divisions, the conference could be divided into four pods, with each pod containing four teams, to aid scheduling.
So don't completely fall asleep on the ACC, although Texas would probably prefer it bring along at least one partner, probably Texas Tech.
(hat tip: Team Speed Kills)
So I guess this isn't a completely crazyballs scenario. Also according to this report, Oklahoma isn't interested in preserving the Big XII, and if Texas were to join the Pac-X, they could not "retain the [Longhorn Network] as is" because the league is starting its own network. That could prove the sticking point that opens the door for the ACC. God I hate this. I hate all of it.