For decades the value of sports media rights deals have only gone higher.

But now there’s trouble in paradise for sports teams and leagues. And there’s trouble for sports broadcasters that were able to profit by charging high prices for providing stations that are part of bundled cable packages.

The fundamental problem for the broadcasters is that viewers are dumping their cable packages – “cutting the cord” – in favor of streaming.

Diamond Sports Group, owner of 19 regional sports networks, has filed bankruptcy. Times are especially tough for Disney’s  (DIS) – Get Free Report ESPN, which broadcasts all four major sports leagues – the NFL, NBA, MLB and NHL.

ESPN had to charge cable operators big bucks to make up for the money it paid for media rights. But now that cable viewers are cutting the cord, it’s more difficult for cable operators to pony up to ESPN. That’s because the cord-cutting is slashing the operators’ revenue.

ESPN Looks for Help

ESPN’s financial troubles have grown to the point that it’s now seeking a strategic partner. Potential partners include the top sports leagues or the biggest technology companies, such as Amazon or Apple.

The NBA’s record $24 billion, nine-year TV contract expires in 2025. And past speculation had it that the number might triple for the next contract.

Sports TV stations’ beleaguered finances would argue against a rise like that, though it may be difficult for the industry’s business model to shift on a dime.

Inertia could mean continued increases in rights fees for a little while. But given what’s happening to TV networks, rights fees are likely close to peaking if they haven’t already.

So what does this mean for you sports fans? With so many viewers shifting from cable to streaming, either your cable bill should go down, as operators seek to retain viewers and/or your streaming bill should go up, as providers react to stronger demand for streaming by lifting prices.