Sinclair doesn't appear to be winning this battle. They bought the networks for $20 billion and at the time it was reported they netted about $1.9 billion per year. With fewer carriage deals and fewer eyeballs, that number has to be lower now, but by how much? We know content is king so will teams be willing to stay on when nobody can watch?
Here are the team's deals, which I'm guessing are the network's main source of income:
Angels - 20 years, $3 billion - 11 years remaining, it appears they are married to each other for the next decade unless there are clauses allowing for either side to renegotiate. The Angels rely on on the network because there aren't many other avenues to broadcast games. The Lakers channel* and the Dodgers channel are options, but would those networks be interested? Beyond that, there are creative solutions to this, but nothing like what we see happening with major sports teams today. The network relies on the Angels as they provide 6+ months of daily content in addition to "magazine" style shows, pre-game, post-game, and other specials.
Clippers - deal ends next year at ~$50 million per year - The Clippers may be our first test at what happens going forward.
Kings - $21 million per year, ends in 2024
Ducks - $12 million per year, ends in 2024
As it stands, three of Sinclair's deals are expiring soon and with providers not willing to pay, my wild prediction is that they will sell at a loss and the buyer will settle with providers for a reduced fee. This may have an effect on the next Angels media deal, but assuming there were no changes to the original deal and assuming the deal was linear, they're on the hook for 11 more years and $1.65 billion. Perhaps Arte Moreno buys out the network.
In case you couldn't tell, all of the above is based on crappy research and based on uninformed BS.
*I wonder what Spectrum's carriage deal is currently, because they may hold the cards here. If they refuse to pay for Fox Sports, that will leave Sinclair with next to nothing. Then they can swoop in and take the Clippers, Ducks, and Kings, and buyout the Angels broadcast rights.