When Freddie Botur, 45, whose ranch spans 72,000 acres outside of Pinedale, Wyoming, first heard about a program that was paying ranchers to let water run down the river instead of irrigating with it, he was skeptical. But Nick Walrath, a project coordinator for Trout Unlimited, told him he’d receive about $200 for every acre-foot of water saved by not watering hay on his Cottonwood Ranch.