I'll take a crack at explaining why so many people are fascinated by sports and also why it's currently loosing relevance and seems to be in a self harm phase.
We all like a Grand Narrative. We are drawn to it because it gives us meaning. For a Grand narrative to grab hold it needs Logos, Mythos and Pathos
Sport, when it is at its best, is a perfect blend of Logos, Mythos and Pathos.
Logos are the rules of game, the stats and the usual tactics and techniques employed.
Mythos is the long narrative with the history of the sport/teams/people. The ups and downs of the careers of teams and players.
Pathos is the animalistic passion. The Dionysian element. The sheer joy at scoring. Both by the audience and the players. The raw outrage, the fights, blood and guts.
When we have these three in balance we get the perfect Grand Narrative that people recognize as meaningful.
The problem with a lot of sports these days is there isn't enough Pathos. The temperance ladies have gotten a hold and are trying to take away the "bad behavior".
There has also been a direct attack on the Logos. Rules are being changed to make sports more safe.
Maybe there is less room for competitive team sports in our new brave snowflake safe societies. The post modernists don't like the Grand Narrative and nothing is more post-modern than "There is no winner, everybody gets a price".