I put up a TV antenna and dropped cable TV about five years ago. It paid for itself in four months.
If you have a good internet connection you can still stream most popular cable and over-the-air TV shows from the original broadcasters' websites. You just have to watch the original commercials that were broadcast with the show.
Other good sites for movies & TV are:
netflix.com ($10/month for streaming)
A Roku box has access to many more free TV and movie sites. Some Blu-Ray players do too.
Most colleges and many high school sports teams stream free live radio broadcast of their major ball games.