Game 2 of the 2007 NBA Finals drew a 6.9/12 overnight, the lowest overnight rating for an NBA Finals game since at least 1981. No game of the 2003 NBA Finals drew a lower overnight.
This is far from surprising; the game aired opposite the series finale of The Sopranos, was a blowout by halftime, featured two small-market teams, and most fans knew what the outcome was going to be by the time the game started. Only Michael Jordan could make a game as one sided as last night's Game 2 watchable; the Bulls' 96-54 Game 3 victory over Utah in 1998 drew a 16.2 rating.
The question is no longer 'what happened', but what now? Is the NBA in serious trouble?
Believe it or not, no. The NBA finds itself essentially in the same position it was in after the 2003 NBA Finals. This is simply one bad year. Everything went wrong for the league this season; the success of the small-market Spurs and Jazz, the lifeless play of the Cavaliers for much of their playoff run, the quick exits of last year's finalists Dallas and Miami, and now an NBA Finals that looks as uncompetitive as any in recent memory.
If this happens again next year, then the NBA can panic. However, this outcome more than anything appears to be a case of everything possible going wrong at the worst possible time.
It should be pointed out that the ratings for Games 1-3 of the Cleveland/Detroit series were down significantly from the previous year. By Game 6, when Cleveland was up 3-2, TNT was attracting large audiences for the games. Unfortunately for the NBA, it does not appear as if Cleveland will be able to pull that same trick against San Antonio. However, if one of the most incredible miracles of all-time (sports or otherwise) occurs and the Cavaliers can win two games in this series, the ratings would likely jump back to respectable levels.
To answer a question that will surely be asked: why is the NBA different from hockey? While both the NBA and NHL are declining at a proportional rate, the fact is that while the NBA on its worst night can average a 6.9 overnight rating, the NHL on its worst night nets a 1.5. The absolute worst for the NBA is far better than the absolute worst for the NHL. And unlike the NHL, the NBA historically does not follow up record-low years with another record low. After the 2003 NBA Finals averaged a 6.5 rating, the 2004 Finals averaged an 11.5; after the 2005 NBA Finals averaged an 8.2 rating, the 2006 Finals averaged an 8.5 (a gap that looks smaller because the 2005 Finals went to a seventh game, increasing the average rating from a six-game average of 7.6).