Ratings do matter. The more people watch, the more the Networks can charge the advertisers during that broadcast and the more money they make. The more the Networks make, the more they will be willing to pay the NFL for the broadcast rights. The lower the ratings, the less the advertisers are going to pay and the less the Networks will be willing to give the NFL for the rights to broadcast. So not watching WILL have an impact. While the Networks do get money from the cable and satellite providers, it's for all their programming and (except for the NFL Network) not just for the NFL games. When the ratings go down the Networks will be renegotiating to pay the NFL less for their product because the advertisers will pay less for the spots because they will be reaching a smaller audience ie potential customers.
ESPN is good though 2021 while most of the other contracts end in 2022. Ratings has an impact when renegotiating the contracts. If ratings are down, I bet it will blamed on Covid and lack of stadium attendance. Whether the providers and advertisers "buy it", I don't know. The people in charge are too arrogant to think they are wrong. If you want real change you have to hit them in the pocketbook by cancelling your cable and satellite service. Sadly the vast majority will not do so. They have children and spouses to convince and it won't happen.
