Indeed.
So, I looked at the existing major sporting rights that the BBC holds. It is as follows:
Football:
Match Of The Day (highlights)
FA Cup (Live, until 2018)
FIFA World Cup (Live Shared with ITV)
Tennis
Wimbledon (Live, until 2017)
Australian Open (Live, Finals only, with one additional mens semi finals)
Queens Club (Live)
Eastbourne (Live)
Davis Cup Tennis (Live, shared with Eurosport, until 2017)
ATP World Tour Finals (Live, shared with Sky Sports)
Rugby Union
Six Nations (Live, shared with ITV until 2021)
Autumn Internationals (England Highlights, Live for Scotland/Wales)
Rugby League
Challenge Cup (Live, semi finals and finals only)
Four Nations (Live)
Rugby League World Cup (Live)
Highlights show containing action from: Super League, Magic Weekend, Super 8s, Grand Final)
Olympics
Summer Olympics (Live)
Winter Olympics (Live)
Commonwealth Games (Live)
Athletics
European Athletics Championship (Live)
London Marathon (Live)
Great North Run (Live)
Diamond League (Live for British rounds and final two meetings, and selective live coverage)
IAAF World Athletics (Live, until 2017)
Golf
British Open (Live, until 2017)
US Masters (Live for Thursday and Friday, shared with Sky Sports)
BMW PGA Championship (highlights)
Scottish Open (highlights)
Womens British Open
Snooker
World Snooker Championships
Masters
UK Championships
Welsh Open
Other Sports:
Alpine Skying World Cup (under Ski Sunday banner)
University Boat Race
Invictus Games
Badminton and Burghley Horse Trials (highlights)
NFL - Coverage of the International Series games from Wembley, and live coverage of the Super Bowl
I think the BBC's strategy is clear here - the demographic of those who watch these events are clearly a large percentage of the population who probably cant or wouldn't pay for Sky - I am thinking the age group of 30-70 in both sexes.
The fact that someone said that cutting F1 could cover Match Of The Day coverage until 2019 makes the decision a no-brainer IMO, as much of a shame that is.