I do think a lot of this is overblown. Yes, ESPN dramatically overpaid. And yes, they are losing subscribers. However, I just cut the cord myself. I went from my hated Uverse, which AT&T orphaned after buying DirectTV, to Playstation Vue's product. You know what is included? ESPN, ESPN2, ESPNU, and probably the rerun network known as the SEC Network. ESPN in some form is included in all 3 tiers of Vue's service, as it is included in most tiers of cord cutting services like Hulu and DirectTV and even some of Sling's tiers. There are, no doubt, people who don't want to pay for ESPN and I do think their subscriber base drops by another 10-20MM, putting them around 75MM to 85MM subscribers or so. At that level they aren't the cash cow they have been for years, but they are absolutely a going concern, even with their current stupid contracts. Though I do expect to see continued belt tightening and a flattening, if not dropping, of rights fees going forward. I also see ESPN going back to its roots eventually. They won't be able to overpay for MNF, so I expect they will pay for cheaper sports like soccer, lacrosse, and maybe even the endless hours of bowling that used to dominate their off hours.