DALLAS—There was a time when the Cotton Bowl was a grand place, the host to some of college football’s top games and the initial home of the Dallas Cowboys.

To anyone under 40, it’s just an old, decaying stadium that hosts the Texas-Oklahoma game and not much else. The place is so far past its prime the Cotton Bowl game is leaving after the upcoming Jan. 2 game, switching to the $1.1 billion jewel the Cowboys are building in hopes a new environment will one day help them get into the BCS.

A few years ago, Dallas taxpayers were asked whether to give up on the Cotton Bowl...

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