When I began my TV news career in 1981, Reno was widely considered a starter market, with a population slightly below that of the Tri-Cities Washington market today.
Minimum wage (both federal and state) was $3.35 an hour. I started at $7.95---more than double minimum wage at the time---and (incredibly) 70 cents an hour more than the current federal minimum wage 43 years later.
It has gotten way worse in smaller markets, and for that matter, major market TV isn't paying what it used to.
The low pay levels of small-market television - and radio, of course - were amply communicated to us students at the University of Missouri School of Journalism. In the 1970s. That, plus unpaid internships - which the rich kids from the East Coast could do but in-state students of modest means such as me couldn't afford to do. Of course, the thinking was, pay your dues in the small markets and then work your way up. But the rate at which that set of tactics succeeded wasn't very encouraging. It's not better now. As you point out, even major markets are retrenching on pay.
There's also a generational shift going on. This has been especially notable at prestige operations, such as the Bay Area's KTVU. KTVU had a stellar team of reporters, most of whom have now aged into retirement. Some of their replacements are good, but others just don't compare.
Journalism never was particularly lucrative except for a few people. (There did seem to be better opportunities in print once one managed to come onboard a regional newspaper. And sales.) The compensation supposedly came through fulfilling a call to perform public service - and, in TV, through some form of celebrity - though unlike other forms of public service, someone else was making money off journalists' labor.
I've heard that there's now something of a labor shortage in TV news, even causing occasional outright cancellation of newscasts. I'm not surprised.
Praise the Lord that I discovered IT and then cybersecurity where, for now at least, talent is valued and usually compensated accordingly, even if it is a cost center and not a revenue generator. Providing insurance is lucrative, regardless of form.
Apologies for sounding jaded and not even managing to say something even offhandedly silly this time.