NBC has one show from which to draw nominations, ABC will soon be down to one. Is it worth it to even air the show on free TV?
Your question would make a little more sense if you said
network TV. Though the networks are down to almost nothing, there are still a significant number of shows in syndication, which of course is still "free" TV. Also, the focus of the show is still the daytime dramas (even though there are fewer of them to compete against each other), and that's still the domain of the networks. Finally, with cable series continuing to thrive artistically, your question might be just as valid for the prime time Emmy Awards, just for different reasons.