Cotton is the primary crop in the Southern High Plains of Texas. Increased irrigation of cotton has reduced the Ogallala aquifer water supplies. The reduced levels of the aquifer have led to an increased cost of producing cotton as depth of pumping increases over time, causing farmers to look for alternative crop production systems that reduce water demands from the Ogallala aquifer. The objective of this paper was to (1)investigate the profitability of an integrated system compared to monoculture cotton production, (2) compare the returns per acre inch of water used. The economic performance of each system (monoculture cotton vs. an integrated livestock/crop system) was evaluated using a biophysical crop growth model to simulate yields for 10 years. A sensitivity analysis for 3 price levels (high, average, and low) was used for cotton, cattle, and ‘W. W. B. Dahl' old world bluestem grass seed production to evaluate the sensitivity of the two systems to price changes.