I know this is obvious but journalism as we know it is dying. The proliferation of different websites, blogs, free content and on-demand podcasting has all but rendered the old news model obsolete. America isn't waiting for a Walter Cronkite to tell us the gravity of a major news event anymore. And Wilbon and Kornheiser are no longer the only two sports reporters who give their opinions on a daily basis. News is now reported and opined by anybody and everybody.
I studied in the journalism program at OSU a few years ago and it always felt like there was an ominous cloud hovering over the institution (journalism, not the school). Many of the teachers and students in the program carried themselves with a morbid and fatalistic attitude that is almost certainly commonplace even among the professional journalists. Gallows humor about being unemployed and blogging in your parents' basement after graduation was common. I remember attending a Tressel press conference and overhearing Tim May of the Dispatch making small talk with an old acquaintance. When he was asked how things were going, May half-jokingly replied "I'm with a paper and still have a job!"
Granted, there were some success stories; Two of my editors still write for the Dispatch and Plain Dealer. Another even landed a gig with a CNN affiliate. But to get those jobs they had to hustle and work with a tenacity that probably wouldn't have been required of them to get those same jobs 25 years ago. There are still a great number of internships for students, but most are glorified fronts for free, dead end labor disguised as potential for future advancement.
There are no untouchables in sports media anymore. Everyone is expendable. Stewart Mandel will probably land on his feet, but if most of the other departed journalists are to recover from this industry-wide blood bath they are probably going to have to do so on their own, either through a blog or sponsored podcast, and away from the umbrella of major networks.