Teams are still making money, except I suppose for the Arizona Coyotes. I was surprised when I heard that they will move to Arizona State's new multipurpose arena, which will only seat about 5000. I wasn't even aware that Arizona State had an NCAA D-I ice hockey team.
They're still making money off of TV and streaming deals.
Amazon is actually paying $1 billion a year for NFL streaming. As long as that money is coming in it may not matter. And in any case, NFL stadiums are still selling out. But it's less likely that people can afford those prices. I remember going to baseball games for $6 less than 25 years ago, or an NBA game for less than $30. Can't do that now, although the last time I saw an NBA game (in 2015) it would have been $50, which wasn't too bad. I actually bought a ticket from someone in a group that had an extra ticket for $40 and it was better than what I could have gotten at the window, although they said it was technically "sold out". A lot of games may have tickets available, but some corporate money "guarantees" the sales of a certain amount that's unsold.