The biggest bubble is the regional TV contracts and cable TV contracts. A lot of these stations, particularly in the US, make their money off the backs of people who don't even want their channel. Cable subscribers are forced to take channels like Fox Sports (Regional) or the Yankees YES channel for anywhere from $3 to $5 per subscriber whether they want the channel or not. ESPN is $8 per subscriber.
As more people cut the cable cord, this cash cow is going to go away and that will create the largest market correction. It will probably also result in franchise values dropping which will cause a handful of owners to get out of the business.
I do think the NHL will be affected the least by this sort of thing because they're so gate driven. People in the more popular markets are still going to pay ridiculous prices to watch NHL hockey live and the less popular ones generally don't get a ton of money on regional deals anyway so they'll just continue on losing money (since the NHL doesn't seem to want to relocate these teams as long as someone's interested in owning the team in that market).
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