IMHO, where we are now, both UT and A&M would be wise to shrink enrollment to around 40k each (undergrad + grad), and elevate the caliber of the student body. This would require the Leg. to ditch (or greatly modify) the HS class rank percentage auto-admit rule. The satellite campuses UTA, UTEP, UTSA, UT Permian Basin, etc. should bump up numbers significantly to 40-50k each, giving all bright students the opportunity to attend a good college while paying state tuition. Tech, UH, UNT, etc. should also expand. We would then have various big schools to ensure a high quality education at state tuition rates, and an academically elite UT (and semi-elite A&M) for the brightest.
This counters the old (and ongoing) Frank Erwin vision for the University, but I think it would be best for our state and best for UT.