Being an experienced person in dealing with streams of all sorts, streaming stuff myself sometimes, being a part of streaming communities,), being a bit of an expert in general on this stuff, it would never work.
1. Coli interests are too varied to end up creating something tight and to the point. Consider the fact that for NBA all the big games are shown on national TV anyway (counting ESPN as a part of this), there'd be no point. Then add in small groups here and there, you'd have to stream everything. That brings me to my next point.
2. Cost and effort. It all sounds good and idealistic when the idea is up for discussion, but do you really wanna have to remember to have your TV programmed, your computer hooked up, all year? Especially if you might not even want to watch what's on the screen, or you wanna flip around? Patience and effort is needed. Plus, how many games do you wanna show? All of them? Ok, then have 15 guys ready to stream all year. Or do you just want the good games? Well, they are televised already.. Do you want to show out-of-town games? Then sure, just sign all your streamers up for a season package, just a couple thousand dollars...
Cause I was bored, and entertainment-less during the summer, I signed up for the MLB.tv package. Perfect HD, awesome all around, but as soon as European Soccer came around, I had something else take my time and interest and I barely watched it after that. So make sure you're 100% dedicated to the sport you want or you'll end up wasting money.
I can stream most anything on the planet, but the time and effort sometimes isn't worth it. After so many years, even I broke down and got a paying service that provides every sport, in good quality, with occasional HD streams, at 10/month. But I don't pay for the choices, I pay for the quality and reliability. And I've been in contact with this site for years, even before I subscribed, and it's a ridiculously tough job covering everything. Thousands of dollars in costs, handling subscriptions, handling TV packages and streamers from around the world, while being on-call 24/7 if something goes wrong. It's admirable and just extremely tough.
If this Coli idea were to move forward I'd be glad to help though, but the question is, what is it exactly that people want streamed here? Something limited would work, if you had the right guys. Because really, do that many people not have TV?