Is it time to cancel my cable television?

Why do I need cable tv anymore? Almost all my favorite shows are available from the networks over the internet. I can watch 24 in HD over the internet from Fox. USA Network makes Monk and Psych available. I’ve already watched Friday Night Lights from my browser. I don’t subscribe to HBO anymore so I don’t even know what new shows are coming there. Seriously, why should I pay $50 a month for stuff I can view for free.
The only gotcha for me would be Virginia Tech football games. Without cable tv, I could still watch the games in a bar or something, but I’d be unable to record them anymore.