We don't have cable, but that hasn't prevented me from watching any of the Stanley Cup and NBA playoffs. Thanks to MyP2P, which provides live feeds from China (makes you realize how useless the commentators are when they speak another language and you don't miss anything), and ESPN360.com, i've been able to watch all i want, live over our broadband connection.
ESPN360.com is particularly great. I can watch anything on any ESPN/ABC sports property around the world (including rugby, soccer, etc if i wanted to), many of which are available on "replay" (on-demand). Best of all, the quality is outstanding. The feed of last night's Spurs/Suns game (which the Spurs won handily) was a feed of the HD broadcast (which means widescreen) and i think darn close to HD resolution itself. Certainly looked great.
Best part: it is free, at least for anyone whose ISP supports it, which AT&T (Bellsouth DSL) does. Not sure about those on Comcast or TDS or other ISP's around Nashville.