I have a different view of today's sports.
Even though I love to partake in sports viewing I believe that it is all driven at ad revenue. Sports exist on the level that it does not to strip our masculinity but try to encourage us to spend. I am aware of it and participate willingly.
As to the living vicariously through our favorite sports teams...you bet we do. Just like we live through our family's trials and tribulations, through our friend's highs and lows, and even through our pet's good times and bad times. It's not masturbating, it is connecting on an emotional level that makes most humans feel like they are participating with thousands or even millions of other people. No shame in that.
I have seen a large part of North America attending various sports events. No regrets.
And...I tend to feel quite frisky after a great sporting event...just saying.