I don't know enough about the subject but I'm happy to learn! Right now it seems they're not benefitting at all, since a significant number of people are just pirating their content.
It seems like ideally you'd have a bunch of rights owners organize to create a single distributor that caters to viewer's desires. Maybe provide a seasonal pass to watch every game of your favorite team regardless of where they're playing? My understanding is that some sports require you to buy subscriptions with multiple different services if you want to follow your favorite team. This is obviously regarded as more favorable by the rights holder since they think they'll be able to get more money if people subscribe to their service rather than partnering with a different organization.
I don't know if this is applicable to the domain of sports, but in other industries sometimes there are local distributors which were relevant in the era of PPV or TV, but which have largely become obsolete in the modern era. Usually these entities become middle-men that just happened to keep owning the rights to media distribution, but which no longer do anything to provide value.