My bet is that TV-over-IP eats the market before de-bundling occurs. In terms of cost, distribution, quality, and ease-of-use, digital downloads beat cable every time. The only piece of the puzzle networks still own is content production. With House Of Cards and Arrested Development, Netflix made a strong entry into the TV-making club, and struck the first blow against that monopoly.
In my view, we're two innovations away from internet tv for the masses: independent content production that can rival the networks for quality, and an easy-to-use streaming box to supply it. The latter is easily possible with technology on the market right now (Roku, Apple TV, etc.), and the former seems all but inevitable.