PPV as we know it will never survive long term, especially at current price points, and especially as consumers become more savvy in illegal streaming.
My prediction is PPV with a middle man disappears, and the big players like HBO Boxing, UFC, & WWE host shows directly to the consumer via their own networks or websites. This will allow them to avoid the 40/60 splits they pay to cab/sat companies, cut the price point to something far cheaper, and keep the entire rake. Everybody wins, and the hope would be that instead of relying on illegal streams, that people will purchase the shows legally at the lower price.
Whoever does this first, the others will follow. UFC has dipped their toes in the water, and WWE is toying with the idea of showing their PPV's for free on their proposed pay network. The model will change, we just don't know exactly how.