I would also add, the top fighters don’t fight very often and when they do, it’s pay-per-view. I remember big fights on ABC on Saturday.
The push to pay-per-view, along with the Don King effect (massive purses with high guarantees for winners and losers, leading to infrequent fights) was really the beginning of the end. That’s what opened the door for MMA to come in and start eating its lunch.