As much as we don't like paying for content, someone has to pay for for the journalist to do their job.
I will argue that a lot of those so called "journalists" are not doing much reporting beyond writing what thoughts occur inside their heads about various issues. And that type of reporting I can get from John down on the corner writing in his blog. As many others have said in their replies on this thread; there is a lot of dead weight in this industry. A relatively small number of journalists are going around seeing, hearing, asking, and fact checking; most seem to be permanently stuck inside their offices whining about the unfairness of "teh internets".
Quite frankly I expect a large number of those that consider themselves journalists to be out of job ten-twenty years down the line. With internet blogs covering most of the opinion piece market, and only a small number of very active people being able to live off being what one could call a full-time journalist. Already a lot of pieces on various sites are written by people who have other jobs (mostly well-knowns from various industries; especially the entertainment industry, and a range of authors).
How much will this content cost? I have no idea, but someone will pay for it.
What the next decades will uncover is exactly what type of content people will pay for and how much they will pay. Maybe my speculation is way off, maybe not; time will tell. One thing is for certain what we get in the end won't look much like what we got right now. And a lot of people will fall by the wayside as the industry changes.