The amount of commercials required to watch a game of football is intrinsically bad. The tax exempt status of the NFL is intrinsically bad.
Specifically, "Claims that the NFL is using a tax exemption to avoid paying the tax due on these revenues are simply misinformed. The confusion arises from the fact that there is one small part of the NFL, unrelated to all this business activity, that is tax-exempt: the NFL League Office. The league office is the administrative and organizational arm of the NFL and does things like write the rules of the game, hire referees, run the college draft, negotiate the collective bargaining agreement with the players, conduct player safety research, and run youth football programs."
Furthermore, if that's what people want to be done with their tax money, that's their business. If enough people felt the way you do, the story would be different. See the San Diego Chargers situation for example. They may end up relocating because of lack of political backing on building a new stadium.
But kyllo has another good taxy point.
So, the Chinese streams may seem like a good thing, but they are a symptom of a bad thing.
Intrinsically bad.
Granting, for the sake of argument, that that generality is true, I'm not sure how it applies to the actual issue here; particularly, I'm not sure how hobbies that are subsidized at public expense -- and therefore at the expense of competing public priorities -- can be said to "cause no harm to others".