It's very fair to think that what Texas has done in the past decade is as telling as what they were doing in the Aughts. Because the game and landscape has changed significantly since then. Haven't had sustained success since Mack left, and programs can flounder for years/tens of years with incompetency in the Department. (See that USC team that you remember playing those Texas teams, or look just west at Nebby)
Can they (and should they) get back to the Texas teams of your childhood? Certainly. But it's so funny that anyone who has watched that program over the last 10 years would assume they are forsure going to be that powerhouse again because.. "they're texas". Seems to hold less and less weight each season. Would like to see them prove it in full first.
I don't really care, no matter what the Texas boosters will sell their brand as a top-tier blue blood that will compete for the CFP every season, whether that is truthful or not. And until they go elsewhere and try it, it's all a theoretical debate.