Agreed, but the first internet domino to fall and recreate an entire business model was the music industry. Now there's Pandora, Spotify, Itunes, etc that is all internet based and Sam Goody is dead. Now the Movie industry is being forever changed by online streaming. The next logical service to fall by the wayside seems to be television. Things like Appletv, Hulu, etc are popping up...and then Amazon and Netflix are starting to make their own programming now, etc. If shows start selling their programming exclusively to Netflix or Itunes or simply streaming their entire channel online for a fee (like the WWE and UFC are starting to do), then there's really no point to having tv channels at all. It's going to take more shows like "house of cards" and "orange is the new black" to make this happen though.
Also, most channels, ESPN and BTN included, already offer free internet streaming of your content provided you have a valid cable/satellite subscription. If ESPN or another company was to skip the middle man (Directv, Time Warner, etc) and go right to the customer via online streaming, they could potentially make even more money.
I'm almost certain the tv station giants are already losing sleep over this whole situation. My guess is they will be attempting to "lock-in" most channels to long term commitments to survive for as long as possible. Their days are probably numbered, but right now there's just too much money in cable/satellite.
The real winner in all of this is going to be companies like Charter, Comcast and the ISP giants. Unfortunately, I already hate those guys