Look at their ratings this season. Completely in the tank.
It's been a joke for years that NBA fans are more concerned with player and team drama than actually watching the games, but it seems even that is fading. The league is absolutely on a downward trajectory at the moment. All you see is complaints about how boring the games are, star players sitting out games, how meaningless the regular season is.
They got that contract at the height of the sports rights bubble because live sports were the only thing pulling in ratings on linear TV. Based on the ratings they've produced since the deal was signed, it was a gross overvaluation.