Youre making it sound not only as if only kids watch this, but also like playing any sport at all is so much different - and then compare it to Reality TV instead of live sports.
Now I've got my next business idea.
Attach wireless streaming cameras to all the players in a sportsball game. Each player has a HUD, and can see chat messages in real time.
Heck, for something like American Football, you could even have them vote on what play the opposing team is likely to do next. The player can take that under advisement, and maybe compliment a viewer when correct. To make more money, they viewers could bid on the predictions, which might help increase their accuracy. The player and the sport get a percentage of the bids, and the rest forms a prize pool for the most accurate bidders.