There shouldn’t be this much money in sports, period. If sports are a way to make the everyday lives of citizens a little better, then have cities own the teams, stop wildly inflating ticket prices, and broadcast games on local television.I hear what you're saying, but there are two sides to this. The players make a lot of money, but the owners get half of it too. Not to mention that the owners see the valuation of their franchises rise.
At the end of the day, the players are still employees. The reason why they make so much money is 1) because they produce that much capital and 2) because they have the collective bargaining power to negotiate against the owners for "fair" pay. The NBA is a great example of how unionizing can increase the power of labor versus capital owners.
Billions of dollars a year could be used towards materially improving the world instead of making billionaires and millionaires more money, and using taxpayer money to build stadiums.
But yeah, players should get a fair share for sure. Ain’t nothing fair about anybody making that kind of money though, at least not while we face the most dire, existential threat to the planet in the entire anthropocene and can hardly seem to muster any resources to try and stop it.