This same topic came up on the 247 HornedFrogBlitz board. I responded vehemently why we keep the game unless it is absolutely necessary to get rid of it for scheduling purposes.
The gist of my points are as follows:
1) Rivalries operate outside of current relevancy and competitiveness. For example, Ohio St. vs Michigan (The Game) which is considered arguably the best rivalry in all CFB, has the exact same record as the Iron Skillet since 2011. So should that rivalry stop being played as well? To say otherwise would mean that SMU should have dropped the game back in the 80's when we sucked and they were the Pony Express. Dropping it because we think the game is beneath us is incredible arrogant, and makes our fanbase look like asshol es. Time is irrelevant, because nobody knows what each program will look like in 20 years.
2) The fact that we have this discussion almost every season really makes the point of how much of a rivalry it truly is. The game matters because of the history, because it has a name and a legacy, because it's Dallas vs Fort Worth. Baylor is the competitive rivalry we have, SMU is the historic one.
Be grateful for where TCU is while still respecting where we came from. I don't want the growth of arrogance in our fanbase because of our success. We are a small private school that has achieved way more than many teams that have way more resources than us in the last 2 decades. This is because we have constantly kept the chip-on-our-shoulder mentality and remained hunger/humble with success.