NHRAs credibility amongst other racing series has nothing to do with breaking the bank for ESPN. It is the ONLY way the teams can give their sponsors return on their investment. Every one of you crying to go to MAV or Velocity would instantly devalue the teams sponsorship by more than half, as those channels (good as they may be, I personally love Velocity) get way less than half the eyeballs of ESPN2 ... Not to mention ESPN3s excellent streaming capabilities. MAV is not even an option on Time Warner where I live and you have to have upgraded your package to the highest level to get Velocity. I can get ESPN2/3 by having the most basic cable package. So, on some level, it is economic for the fans too.
The ONLY way starting your own channel can be viable is if you can get that channel on the basic channel lineup (nearly impossible) or the first upgrade tier (tough to do). Providers are wary of adding a channel that may not provide value to a large percentage of their subscribers and then increasing their bill for the privilege. This is why there is a NFL game every Thursday night now. The NFL is strong-arming cable providers to make the NFL Network more readily available. People complain when they can't watch their football, then you can be sure they will complain when their bills go up as they certainly will. I think it would be an economic disaster for NHRA to start their own channel, they certainly can't do it for a less than or equal amount than they are paying ESPN, and it would certainly be cast to the nether regions of your cable/satellite providers lineup ... Are you willing to pay $20-40 more per month to watch?
I do agree with Mr. Larson that live Finals at National Events where it is viable would be a big boon to the teams exposure and for the fans as we get a guaranteed time slot.