According to this fascinating article from Deadline, not only is free over-the-air network TV as we know it dying, it's already in its extinction phase. The author indicates there's a whole new meaning for the Walking Dead and it has nothing to do with that infamous cable show. 

"...declining linear ratings have lead to tighter show budgets and the loss of scripted series, while live sports that bring eyeballs and cheap reality shows have become the new (and depressing) broadcast focus."

“The name of the companies used to be the networks,” laments one veteran broadcast executive. “As networks have become just another part of a larger corporations, there are fewer people who give a damn. It’s also been exacerbated by a lousy ad market, and then on top of that, there are increasingly more outlets for advertisers to find advertising vehicles at the Netflixes and Disneys of the world. Corporations want to take the new younger, prettier girl to the dance.”

Broadcast Networks 2022: The Year Everyone Started To Wave The White Flag