Here is the best way to do it at minimal cost (IMO) -

• Setup paid accounts for Hulu Plus and Netflix. This will replace your DVR/On-Demand content.

• Get a streaming device, the simplest way is to get a smart TV with Netflix and Hulu built-in or Xbox One/360 will work. I suggest against using A Playstation3/4 as I do know PS3/PS4 uses Cinavia, which will disable playback some of downloaded video files. There are many options for this. From Roku to Amazon Fire, etc. I personally use a ZBOX PC running XBMC

• Get an HD antenna. Check Amazon/Newegg and get yourself a quality HD antenna. This may cost you up to $100, but this is how you are going to watch local news and sports. Typically you will pull in local ABC, NBC, CBS, and FOX affiliates.

• If you watch sports (NFL/MLB/NHL/NBA) You may need to pay for that content if it is not broadcast in your local markets.

• I'll add some additional detail in an edit soon. I'm leaving work...

Here are some links for the product in the above comment for different countries:

Amazon Smile Link: ZBOX

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