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I'm guessing that a lot of those smaller niche channels will disappear. They get $0.XX from every subscriber on every cable provider they broadcast on whether people watch or not. Once you have to pay for that channel directly, there won't be enough revenue to continue to produce content. Only the strong will survive.
As mentioned below, I could easily see every conference start their own channel. Each school probably already has the necessary broadcast equipment today, and they could use a mix of professional and student commentators, and they could fill in voids with non sports content from every school in the conference. Just look at the SEC and BIG networks.
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