My wife and I dropped a $75/month DirecTV bill over a year ago and haven't looked back. Now, all the DirectTV box does is serve as a stand for our projector to sit on.
Hulu has most of the new television shows and if they don't have one of your shows, it's probably on iTunes. I'm not a big sports fan, but I was concerned about the Olympics. Fortunately, NBC had them online.
Netflix is great if you watch several movies a month, but if you are like me and one is enough then iTunes or Redbox work great.