That is true, Vyse. But, I have to add that SMU is highly respected around the country. Many people go there from the upper east coast, the Chicago area, and the west coast. When I was there, my 3 roommates were from Greenwich, CN, Pensacola, FL, and Lake Forest, IL.
It's not considered some regional hick school, and is probably more well respected outside of Texas than inside for whatever reason.