Sports will always be revered by humans. Humans have an innate need to feel superior. You can see it in nationalistic jingoism, being cock-sure that my religion is the correct one, racial/social discrimination, even social cliques in high school. I’m sure you can find more examples.
The best part about sports is that we don’t have to do the dominating; we wave a banner or wear a T-shirt or a cap (backwards, of course, so that the sun can stay off our necks while it bakes our eyes), and the other guys do it for us. Taken in this context, isn’t it a small price to pay one person $10 million per year? Isn’t it worth much more?