You are right but my reading of the situation is that there is a systemic imbalance and counter-parties in the business are also under pressure making them unwilling and worse unable to be flexible.

Renegotiation can work well if there are deep mutual dependencies e.g. manufacturing chains. If the cord cutting dynamic accelerates there will be little time to hammer out such deals. The quickest and fairest route may well be bankruptcy court.

Sports has been in financial bubble territory for some time. Huge escalating contracts. Rampant corruption. Often a collapsing phase follows.