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Ok so I looked at some numbers (I don't research the relative popularities of MLB and NBA too much).

So over the past three season I found the average national television rating per series:

2008:

MLB: 8.46
NBA: 9.3

2007:

MLB: 10.675
NBA: 6.2

2006:

MLB: 10.1
NBA: 8.5

If I had more time (term paper) I would have shown more data, but I think that information is clear. I would like to point out however, that in 2008, the NBA had larger DMA's playing in the finals compared to MLB. I would also like to indicate that one of the reasons the last world series had a decrease in viewship, is because one of the games was delayed delayed delayed, and then I think postponed (not 100% on the postponed part).

As for my ommision of Nascar being a real sport, I believe it is just my extreme biased. I hate Nascar with a passion, yes that was a cheap shot. I'm sorry if I offended any Nascar fans.

My numbers come from...

I found the NBA numbers directly from wikipedia, as well as the MLB numbers, but for MLB I had to calculate the average rating myself.

My ranking of the sports is just common knowledge. At least I believe it to be.

Also once I get enough time, I will calculate the average team value of each league, and the average revenue brought in as well. I just don't have enough time at the moment.