UM is streaming the BTN and the local ABC affiliate over this Zattoo player they're testing... The quality is so-so, but it's definitely better than nothing. As long as you have a umich.edu login, you should be able to set this up.
I copied these instructions when someone else posted them a couple weeks ago but didn't take note of whom it was. So, a big tip of the hat to whomever it was.
1. go to http://www.itd.umich.edu/news/2007spring/05092007.html
2. log in using umich stuff and download the zattoo player (set it up while you're at it.)
3. you get an auto generated password sent to your umich email which you use to login into the player, so save that email.
4. if you are on campus you can just start watching, but if you are not, then go to http://www.engin.umich.edu/caen/network/wireless/software.html
5. download the cisco vpn client and set it up. its going to ask you to reboot. once you reboot, the client should start up. if not just go to your start menu>>programs>>cisco systems vpn client>>vpn client
6. click connect and your name/password are your uniqname and your umich password. connect to UM-on-campus-wireless
7. once it connects the program should minimize and you'll have a little lock in your system tray. start up zattoo.
I set this up on my mac a couple weeks ago, and it seems to be working fine.