ESPN ran into a perfect storm.
First, they expanded too much... ESPN, ESPN2, WatchESPN, ESPNU, ESPNnews
Then, they got more competition... NBCsports, CBSsports, FOXsports, MSG, SNY, other regional stations
Then, they expanded even more... Conference networks are related to ESPN, such as ACC network
AHHHHH... Too much coverage and not enough sports
Then, the sports leagues charge crazy prices for broadcast rights
Then, some of the on-air "personalities" started getting huge contracts
I don't think there is anything that ESPN can do to return to the past and make ESPN great again.