College Football Talk has the details on the LHN...

A few items of interest:

"As has been stated before, in the event that Texas is no longer a part of the Big 12 (sound familiar?), ESPN will have 60 days to re-negotiate their television rights coverage. If another network makes an offer after those 60 days, ESPN will have 48 hours to up the anty.
Texas will work with ESPN to try and gain the broadcasting rights the University Scholastic League (UIL) championships following the end of their current television contract (with FOX Sports Net). If the LHN were to be allowed by the NCAA to broadcast high school games — that idea has been placed on a one-year hiatus — it currently could not air any UIL games or events.
As we’ve also noted before, Texas also has the right to replaced "any on-air talent [who] does not reflect the quality and reputation desired by UT for the network based on inappropriate statements made or actions taken by the talent." In other words, don’t talk smack about Texas when you’re working for Texas.
If the Big 12 is able to cement a conference network, it doesn’t look like UT will be involved. From the contract: "Neither IMG nor UT will during the Term and within the Territory i. participate in or permit the development of another ‘Longhorns Network’ or similar network enterprise (regardless of name) related to UT"
A few points of note have been "reserved" and not made public."