(
Links to the 1996 ESPN Coverage)
(
Links to the MSC broadcast)
(
The RoboShow: Orlando)
A few examples of media coverage of regional events as sports broadcasts provided for reference.
I think online is the best place for FIRST coverage to live right now. It's easily share-able, it's accessible at any time to anyone with internet access, and it would not rely on advertising to keep it available.
The niche market that FIRST broadcasts would appeal too is not ideal for television but niche markets are what YouTube channels thrive on (just look at the success of channels like 'Geek and Sundry' and 'Nerdist').