Everything says this game should be a rivalry.
The schools are separated by 30 miles, give or take. They both compete for the same recruits, for the same TV market, for the same respect given to Texas, Texas A&M and now Baylor in the Dallas-Fort Worth Market.
A 9-4 North Texas team in 2013 was paraded around the Metroplex just like the 2009 SMU, which finished 8-5 and went to their first bowl game in twenty years. In both cases, adoration of both teams was usurped by attention focused on their bigger brothers, Baylor in 2013 (and Johnny Football), and Texas in 2009.
Both schools have enjoyed prominent periods in their football histories- North Texas in the 1960's, 1970's, and early 2000's, and SMU in the 1960's and 1980's, and both fell on down times as well.
Read more: http://www.underdogdynasty.com/2014/9/3/6100805/north-texas-versus-smu-the-rivalry-or-is-it