Not only baseball is dealing with cord cutting, their s***** MLB blackout policy and numerous other entertainment options available today, but the average game is longer than it ever has been before. It's slower than it ever has been before. In the 50's through the 70's, the average game length was consistently 2:30. Now, we have an additional 30 minutes to sit through with pitching changes, commercial breaks and pitchers lollygagging on the mound. None of that increases viewer interest. The game is longer and more boring than ever. The amount of plate appearances per game has been 75 - 77 in the modern era. The bloat has come from the game just slowing to a crawl. Attention spans aren't what they once were and it is killing these broadcasts.
Attendance figures overall are still really strong so the interest is still there. However, MLB has just not been able to fix the product for the at home viewer.
If I were commissioner:
1. no more interleague play
2. pitching clock
3. robot assistance for balls and strikes (would just have homeplate umps were google glass or something behind the plate)
4. built in double headers (provides more overall days off for players)
5. increase roster size
6. limit the amount of pitching changes per inning
7. instant replay for scoring plays only
8. completely revamp the All Star Game (have a money prize for the winners)