Fair enough 140 quid is good for 8 channels. However, they're now 8 channels of shite.
Four. No need for more. Heck two and a bit would be OK.
BBC1 : News, Sport, drama, soap, etc. Fairly broad requirements, go for the larger market. Buy in stuff if welcome solid stuff. Don't bid too high, so many people get Sky et al too, so don't blow your pay there.
BBC2 : Educational, sidelined sports (lacrosse, crown green et al), new comedy, deeper drama and "news" sites that cover "what's new in science/business/technology/medicine" sort of things. Niche stuff that still cover a broad spectrum, filling in the gaps and going somewhat more highbrow.
BBC3 : Mini series, one-offs, theatre, opera, music, concerts, experimental, comedy. Some place to see what could be the next big thing. sell the ideas to other BBC channels or outside to bulk up the money available
BBC4 : Talking heads, politics, discussion shows. Really quite dull stuff but stuff needed nevertheless to be known (or at least available) to the public. Should still be pretty damn cheap.
2&3 could probably be merged and 4 may only be a half-day or half-week thing.
We DO NOT need a 24-hour News channel. There's not any more news happening, so you're left trying to big up stories and dig out from other areas stories that will at least fill the gaps. And you're still repeating the same freaking news every 15 minutes... STOP IT!