Remember you still need internet service from someone like AT&T or VZ. In your case, you need high speed internet service for less than $95/month before you save anything. other things to consider like a DVR - if you have that in your $160 that's an additional cost. Some streaming services offer replays of sporting events but you can't ffwd through commercials, etc. You can get a DVR but as of last year, there wasn't a DVR that could record both over-the-air TV and streamed programming. Some B1G football games will be over-the-air on ABC while others will be streamed on ESPN or BTN.
If you have simple service and can get cheap internet access, it's an easy decision but there are other factors you may not be thinking about that could be a problem. The more extras you want to replace, the more complicated, and costly the solution becomes.