Yes, that is a Cotton Bowl 1972 commemorative jock strap.
I think we're about to set a new Hornfans record for WTFs on a post.
Here's the link: The Southwest Conference (SWC)
Down in the Collectibles section, it says: 1972 Cotton Bowl Jock Strap - courtesy of Jay Arnold (All-SWC Defensive Back for UT 1973)
That site has some cool clocks, record albums, cups/glasses, and programs. And a commemorative Cotton Bowl jock strap if you're into that sort of thing, or at least find it funny that such an item exists ...
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