The Phillies got around the same total as comparable teams, which suggests the bubble is peaking. There has to be some uncertainty with the Astros being blacked out in 60% of Houston because of a carriage fee dispute. Forbes claimed that CSN Houston hasn't even been able to deliver full payment for the first year of the contract. The Dodgers are still involved in a dispute, and the Padres just settled theirs.
Many analysts have predicted that the bubble will finally pop when consumers refuse to pay higher cable bills. Without those customers, they'll have a hard time avoiding losses on those mega contracts. Other regional sports networks will follow in an inability to pay the terms of their contracts, and some teams that took an equity stake into those networks are going to face huge losses. The teams that haven't signed TV contracts yet will get substantially lower deals than originally expected. I'll bet a new TV contract was at least a partial factor behind some huge contracts.
It actually seems the Red Sox have avoided getting involved in this bubble. No ridiculous contracts so far. Kudos to them if they have recognized the bubble. However, there doesn't seem to be a great track record of businesses recognizing a bubble, and adapting their strategies. Most likely there will be some teams that will continue to throw huge money around, while hoping they've finally found the bubble that never pops. Haha, I'll bet we'll be forced to bailout MLB, sports networks, and satellite providers as "Too Big to Fail."
Forgot to add the possibility of a la carte television, whether it comes from DirectTV or by legislation. If that happens, then it will be a total disaster for MLB.