With prolonged drought occurring more frequently in Georgia, water management in the Flint River Basin (FRB) will face challenges involving intensive groundwater pumping for agricultural purposes and the effects on streamflow conditions. In the past, Georgia’s Environmental Protection Division (EPD) implemented irrigation reduction auctions to encourage farmers to reduce irrigation to conserve water. However, these auctions were considered unsuccessful and problematic. EPD summarized the previous auctions and recommend drilling deeper aquifers as source switching to conserve water. This paper looks at the feasibility of a standard field switching to a deeper aquifer as a water resource. The simulation builds to compare the cost of buyout auction with source switching. The cost of buyout auction has a regional economic impact estimated by IMPLAN. The results show that both auction and source switching have advantages under different conditions. The methods used in this paper can be used for water management practices within Georgia and potentially around the world.