Providing free streaming with a five/ten minute delay is the best option they have. People who watch games on streams would definitely go to the official website to get the best quality stream. They'll get some advertising revenue out of it.
I don't reckon this will really lead to any substantial reduction in the TV channel subscription as well because the TV viewing will be live, of better quality and the channels will also broadcast programmes and games other than Premier League.
This model has been particularly successful with IPL in India. Only road-block could be the fact that proportion of people who are savvy enough to search for and use live streams as well as people with internet bandwidth that can support a decent viewing on these streams is very low and most TV viewers won't change their habit and discontinue viewing the TV channel just because the game is available (with a delay) on the internet. I don't know if that will be the case with UK viewers.
