Late to the discussion but look at the viewing figures for football on sky and BT they are microscopic in terms of % of overall population. There are still lots of foreign viewers so via tv deals the money is coming in.

When football is shown on terrestrial tv it’s watched by millions (England and FA cup games get huge viewing figures on bbc and itv)

I wouldn’t say the bubble is about to burst but unless football on tv gets easier to access the interest in watching live games will decrease too.

Empty stadia make the product a lot less marketable too. Good luck selling “best in the world” matches to Asia when a third of the grounds are empty every week.