I'm a sports fan, and I've been thinking about this a lot. There will always be sports, I'm sure, but not on the current scale.
This article touches on some of the ways high oil prices have impacted sports:
Sports world begins to sputter under weight of fuel prices
I think peak oil will have more of an effect than many think. Sure, Derek Jeter will probably never have to worry about buying gas for his Ford Edge. But how did he get where he is? Little League, school sports programs, minor league baseball. They don't have a lot of money, but that's where the talent for the pros comes from. A recent survey found that 28% of Americans have cut back on attending sports events because of high gas prices.
Even the really big money - sports TV - may be more vulnerable than you'd think. There's a push now for "a la carte" pricing in cable. I think that will strengthen as the economy worsens. And if it passes, those most hurt will be sports fans. ESPN is the most expensive channel, and only 1/5 of viewers ever watch it. If sports fans had to pay the full cost of sports programming themselves, it would add a big chunk to their cable bills.
And it might seem unthinkable to many now, but in the future, many Americans are going to find out that cable TV is a luxury, not a necessity. Without that cash cow, sports is not going to be nearly as profitable.
"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein