A couple of thoughts...
(1) Pretty disappointing for this to be the legacy with Smith. I expected more growth under him, while TV audiences and crowds by and large plateaued. Also I would've like to see some big calls on the number of Sydney teams and expansion, although he might have been waiting on Richardson's report for such. I like that he finally dragged RL administration into the 21st C by corporatising its offices, although the success of his appointments has varied...
I've been a bit of a Smith defender because I've thought his legacy was always going to be made (or unmade) by this deal, which either it turns out the powers that be know he bungled, or he was playing a too risky strategy.
(2) The sky isn't falling in. We're not going to "bend over" to Newscorp. Grant negotiated the last deal with Fox and Nine and nearly doubled our revenue from it, putting us roughly on par with the AFL. Let's face facts, we're not going to reach the AFL's price on this deal. This is why an experienced player like Grant has tapped Smith on the shoulder.
But we still have extra exposure now on FTA, control of our schedule to empower poorer clubs AND 2 years left to negotiate. We still have cards up our sleeves in expansion, streaming services and simulcast rights.