That would be a pretty epic national championship match. Get to send the Longhorns packing with their last loss of the year and their last lost in the big 12 denying them a national championship.
It's honestly certainly possible too and not out of the realm of possibilities. That bracket doesn't have too many upsets but it does have a few, it's honestly not a bad guess but there will probably be a few more upsets. I'm not sure I see Baylor making it all the way but they should only have 2 serious barriers with Arizona and Alabama to get there.
Edit: Although I'd absolutely love to see Baylor versus Houston, what better way to promote the new Big 12 with a national championship matchup.