this has been said, but with nearly all sports (televised or not) there is a centre of action, or a "focal point" as robbo said. with paintball most people have no idea what is going on, the only reason we understand is we are or where all players. of course all you guys are going to want to watch paintball on tv, but how are you going to make it appeal to the other 99.99% of viewers?
the thing is paintballl is really simple, its just 5 guys trying to shoot the other 5 guys on the other side of the field. some film makers such as monkey with a gun, and to an extent action pursuit games have found ways to make paintball more watchable, such as using slow motion, and certain angles that make it more viewer friendly, i dont believe at huge extra cost*. couple this with good editing and advertising- marketing as an "extreme sport" and a well run system like the PSP webcast was before it went under; with a stats system etc, and i think you have a very watchable programme. obviously this is not practical for a live programme, but maybe a show put together after an event with decent commentary explaining what is happening.
as for target audience, i think its huge. paintball appeals to nearly all guys in some shape or form. nearly everyone i speak to outside of the sport say that it sounds awesome, and they would like to try it. i think its great teams like XSV are shooting less expensive guns, showing that paintball can be more affordable, even if it is still expensive. if you think of some of the things on TV, bowls for example- a ton of stuff on TV is a lot more boring.
however all this costs money, of which everyone knows isnt much floating around.. but i think there is at least potential.
*a small example could be for every player to have a barrel camera to show certain moves such as bunkering someone. this wouldnt cost much at, i have a cheap one i got for £10. thats about the same as a barrel sock for goodness sake!