AUSTIN, Texas—Now comes the hard part for No. 4 Texas: the wait.

A weekend of watching Oklahoma and Texas Tech will tell the Longhorns where they stand in the Big 12 and the BCS—and whether a team that spent a month at No. 1 will still have a chance to play for a national championship.

The Longhorns (11-1) wrapped up their last piece of business for the regular season with a 49-9 win over rival Texas A&M on Thanksgiving night, snapping a two-game losing streak to the Aggies.

Now it’s up to the complicated BCS standings and Big 12 tiebreaking system to see wh...

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