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So, if revenues decline, does anyone really think they'll take it out on the players? Most of them are under contract, so in the short-run they won't feel the pinch.

Short term yes, but long term, they, and mostly their replacements, will feel it big.

Everything to do with the NFL is under contract, and so this season it appears nothing is affected. But the broadcasters are being hurt right now, because they sold advertisements to companies guaranteeing X amount of viewers, which they are no longer getting. So they have to make good by broadcasting ads for free until the difference is made up. At the point President Trump made his first NFL tweet, the broadcasters had already lost $200 million. It will just keep piling up.

When the broadcast rights contract is up and being renegotiated, the NFL is going to get a pay cut. The next contract will not be as big as the current one. Next downstream will be the teams, who will take a smaller amount from the new contract. And finally, the players. Older players who usually get good fat contracts will either be cut or get a smaller amount. Teams will play more new cheap league minimum players.