I wish Netflix could make a deal with someone like ESPN to stream sports events live. I'd gladly pay a premium to get ESPN without being forced to buy a "bundle" of channels I don't want from the cable company.
But yeah, the things you could do with sports and interactivity. Geeze. Money on the table.
It really should be it's own thing. It's more than just a movie\tv show in it's possibilities, and so doesn't just plug into a Netflix model.
It would be like applying the pay-per-view model that boxing has, but integrating it into a solid, unified distribution platform like iTunes is to music. Offering reasonably priced, a la carte, international sports-viewing-access with discount subscription rates would be incredible, at least in my opinion.