According to this Statesman article, the Longhorns Elite Eight run generated more revenue for the school than the football team's Holiday Bowl berth. In fact, Texas lost money on its December trip to California because its expenditures exceeded the bowl payout, about $1.2 million.
Also of interest, the story notes that the Big 12 is paid for each game played in the NCAA Tournament, with Kansas and Texas accounting for half the conference's revenue over the past six years.
Which rather reminded me of DJ Augustin's quote when asked about an emerging 'rivalry' with Texas A&M on the hardwood: "No. Kansas is our rival."