As irrigation capacity decreases on cotton farms in the Southern High Plains of Texas, finding the most profitable allocation of limited water supplies is crucial to long-range survivability. The typical High Plains irrigated cotton farm plants continuous cotton on all irrigated acres with the only rotation coming from crops planted when cotton is lost early in the growing season due to hail or other weather events. Using Texas FARM Assistance data, this study will evaluate the ten-year financial impact and risk assessment of changing the crop rotation to allow for the full irrigation of a smaller number of cotton acres while maintaining or enhancing income. Crop rotation alternatives to be evaluated will include: cotton and wheat for harvest; cotton and wheat for leased grazing; cotton and wheat for grazing owned stocker cattle; and irrigated cotton and dryland cotton.