I don't think sports fans really appreciate the situation ESPN finds itself in. For years they were outbidding competitors for media rights because they could simply turn around to the cable networks, write down a number and say "Pay us this." Cable subscribers paid more to have ESPN than any other channel, and not all of them were subscribing for ESPN. Nearly every price increase was thanks to ESPN putting pressure on the cable companies.
But the landscape is completely different now thinks to streaming and cord cutting. The playing field between what ESPN is able to bid for media rights and what its competitors are able to spend has been leveled to a huge degree and in some cases favors other networks. Everyone knows that ESPN is getting the biggest bargain in Television rights with the SEC right now and CBS was getting an even stupider deal before that. It makes you wonder who is negotiating these rights.
That advantage ESPN had where it could out-bid other networks is largely history. There's far more competition for those rights today and big dollars readily-available to scoop them up. Disney just got through selling 10% of ESPN to the NFL!
ESPN acquiring NFL Network, RedZone from NFL
What's hilarious to me is that it is their own hubris that will bring them down. They drove the price of cable so high, people left in droves. Peak ESPN subscriber base was 100 million. In 2023 it was down to 70 million. By 2027 fewer than 50 million homes will have cable.
https://archive.is/20230911195148/https://www.nytimes.com/2023/08/02/business/media/espn-disney.html