Mandel is right on this: Texas Tech enters the season underrated yet again. Every season A&M is picked to finally rise up and take their rightful place above the Red Raiders, and every season they fail. This year the only real change for either team is that (arguably, at least) Tech upgraded their coaching staff.
I think ultimately this is about history. The Aggies were historically the second team in the state with the Red Raiders a distant third (or worse), so everyone keeps expecting a return to the natural order. As anyone in the ACC will tell you, though, there's no good reason to expect a team to magically improve just because it was good 15 years ago.