Wow. That's a huge blow to Nine. Welcome to the job Jamie! I work just across from Channel 7's national HQ. I'll be looking for the champagne corks flying off Stokes' verandah this afternoon...
It is, believe it or not, actually a good sign for basketball. There are very good reasons why the cost of the AFL has gone up sharply (and the NRL has as well, just not to that degree or total figure).
Television itself, and our viewing habits, are changing and will only change moreso in the coming future. Live TV and 'Event' TV (think reality tv finals etc) are where it's at for the networks. For anything else, we are getting more and more choice in regards to what we watch and when we watch it, and are steering away from the networks. Give it a few years and, for example, episodes of US drama series that we love, we'll just watch them on our own time and steam, even if we pay a small amount for that. In the US, ABC and NBC have already opened up their catalogue of programming for downloading via iTunes. Add to that the way the Tivo technology is used their, and it has taken the advertising dollar right out of anything along those lines. Only really sport and event tv is where they are still making their cash. They CAN pin a time down and say, at this time this show will be watched by this many people and they will see your ad.
As this trend continues, the FTA networks will invest more and more in sport and events and less in big cost US dramas and sitcoms and certainly not on films.
Basketball stands it's best FTA chance in the coming years. Nine now has a lot of time to fill. The NBL has it's hands tied with Fox, but who owns Fox? Well a quarter of it is owned by Nine parent PBL... Perhaps they'd like to start with a magazine/highlight show???