Now, you are probably thinking "That's exactly what I want, good TV! No more crap!"
Have you ever asked yourself why there are so many shows you don't like on TV? It's because those shows are profitable. Your future is a recipe for more reality TV, cookie cutter procedurals, and formulaic laugh-track enhanced multicam comedies. Sure we'll get a hand full of shows like The Walking Dead, but they will be even fewer and farther between than they are today. Why take a chance on something unique when you can dump out something crappy and cheap that you know will make money?
Cable companies will love your scheme as well, since you essentially remove the only completely free way for anyone to watch television. Under your model everyone must have internet to watch television. Decent internet at that. Plus you are replacing a one-to-many broadcast model with a one-to-one model. This is going to require massive back-end upgrades for most ISPs. We all know that the big ISPs love investing in their infrastructure, and even when they do, it's not a charity. It is going to be paid for by their subscribers.
And no, there would not be enough spectrum freed up to supply everyone with wireless internet at a decent cost that would cover all that usage either. Yes it's a good bit of spectrum, but again, you've moved us to a one-to-one video model. It's not enough.