That would be just momentary money throughput, there would be zero long tail accumulation. Redistributing sports is a "now" business without any story about why tomorrow will be golden to tell investors. If you lose money today streaming sports you will lose money tomorrow, because there is no way to assume that right holders will ever agree to better conditions. Every growth you may have will just be absorbed by them. It might still be a path for a bootstrapping streamer, but for an investment heavyweight like Netflix it would just dilute growth potential.