As someone said on Twitter, baseball is becoming the newspapers of professional sports. The customers are getting older rapidly, and the ratings/(circulation) has plummeted by half -- at least for events like the World Series, which (usually) don't involve your hometown team. People do love their hometown team, at least when they're playing well -- which is why Philadelphia didn't even notice from 2007-11 that baseball was waning elsewhere. And local TV contracts are keeping many franchises rich -- but for how long? Keith Olbermann did a spot-on piece on this (watch below). The only spot where I differ is that Keith looks for something to blame, and he singles out interleague play, which I agree has clearly lost its luster. I just don't think there's any magic moment where you could have altered the trend line...just like newspapers.
Times change. Period.