Show what the cowboys did for nothing (5)

I believe the answer is:

rodeo

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'show' is the definition.
(rodeo is a kind of show)

I can't explain the rest of the clue.

(Other definitions for rodeo that I've seen before include "sort of exhibition" , "competition in cowboy skills" , "At which cowboys show their skills" , "Horse-riding competition for cowboys" , "American show" .)

I've seen this clue in the Evening Standard.

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