I do think this is the best option. Disneyland is cramped but it appears they will be given land to expand soon.

I think they are worried a third US park would eat into the brand - but have always been a bit surprised they haven't tried to do one in Texas. There is a lot of land there that is cheap and geographically could serve different audience.

You don't even need to do that. A gate can be in Anaheim or in Orlando (or both), It doesn't require a new location.

Disney is already freeing up more space in Anaheim, and they still (aFAIK) have a huge interest in land around long beach (a bit more problematic). And they have huge tracts of land in Orlando.

Where are you seeing the Long Beach stuff? I know they once thought about opening Port Disney but as far as I can find that land was given up almost two decades ago.

The Anaheim expansion is limited. They are pretty much just taking over the parking lot. The city council has made it very difficult (fair enough) to just expand onto property they already own so I imagine an expansion into land they acquire would be even more challenging