This is where I do hae some sympathy for football - the TV companies offer such sums because they know people around the world will buy enough subscriptions to justify it; TV companies can't afford to let their rivals snaffle all the rights as TV companies with no rights = no subscribers = out of business, so they bid up as can't afford to not get some. With enough global demand for the Premier League, it makes sense. Equally, once they have the money in their pockets, the clubs have to outbid each other for the limited talent. So as long as fans are interested in watching TV, their money will find its way to the players' pockets.
I was at a conference recently and met delegates from Sweden, Kazakhstan, America and the Czech Republic - all football fans but they had no interest in their own national leagues, they all had PL teams they followed and each of them actually spent Saturdays watching games on TV at home as part of their lifestyle. I didn't understand quite how big a deal our PL is abroad; it's huge.