The lyrics in the first verse refer to the Land Run of 1889, in which the land around the modern university was settled. Boomers were people that entered the territory legally, after the official opening. Sooners settled beforehand, giving them an unfair advantage on finding, fencing, and claiming farm land. If the charge of early entry was proven, they would lose their claimed land.
I visited the stadium while there & swear you could parachute from top seats.