Versant might look like a scrappy underdog, but don't let that fool you. This media company still pulls most of its revenue from old-school cable networks—the kind that aren't exactly booming anymore. That's why Versant has been busy scooping up assets outside of traditional TV and beefing up what it already owns. But here's the thing: at its core, Versant is still playing the cable game, and during an earnings call this Thursday, the company made it clear they see one big opportunity in that shrinking world: sports.

Versant's USA Sports brand already has a solid lineup of media rights, many inherited from its days under the NBC umbrella. We're talking extensive golf coverage through Golf Channel, early rounds of two major championships on USA Network, a hefty WNBA package, 10 NASCAR Cup Series events, a mix of college sports, and even Premier League action. It's a diverse portfolio, but CEO Mark Lazarus thinks there's room to grow—especially if the NFL's next round of broadcast deals shakes things up.

Here's the play: Lazarus believes that when the NFL's current broadcast partners have to dig deeper to keep their football rights, it'll force some tough choices. "NFL renewals will put pressure on media companies to make decisions on content," he said on the earnings call, as reported by Variety's Brian Steinberg. Translation? Some networks might have to drop other sports to afford the NFL. Lazarus specifically called out baseball, soccer, Premier League, and hockey rights as potential casualties. And he's not alone in thinking this—Fox CEO Lachlan Murdoch recently hinted his network would "rebalance" its sports portfolio to keep up with NFL costs.

For sports fans, this could mean a major reshuffling of where you watch your favorite games. And for Versant? It's a chance to scoop up rights that bigger players might have to let go. Keep an eye on this space—the game is about to change.