That breakdown makes crazy sense for almost all of those teams. Oklahoma might have a complaint about being separated from Texas, but maybe they wouldn't, especially if they could keep their rivalry game.
You can point out resistance to Oklahoma getting put in a division separate from Texas and OSU, but you'd get even stronger resistance to creating two 5-team divisions in the Pac-10. The Pac-10 currently consists of five sets of very strong natural rivals - Washington-WSU, Oregon-OSU, Cal-Stanford, USC-UCLA, and Arizona-ASU. You going to split Cal and Stanford and put them in separate divisions? That wouldn't go over well in the Bay Area.