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Gizmodo actually does a really good breakdown of how to pull this off.
Really boils down to exploiting 3 options. First up, to watch all the events airing on NBC, digital rabbit ears/digital antenna. Assuming you live anywhere close to local tv channels, you'll be able to get NBC on your TV for free, with an antenna tuner.
That is only going to help for the Primetime events though. If you want to get all the NBCSN, USA Network, etc channels for all the other events, use either/or Sling TV or Playstation Vue. Both give you free trials.
The Vue one gives you a full week of free cable tv, streamed over your PS3/PS4. Pretty cool. Just make sure to cancel it in the settings , or you will be charged the $39 bucks or whatever it is after the week is up.
Same goes for Sling TV. This one is probably the best because you can stream it on most any device that is 'smart', mobile, laptop, pc, smart tv, etc. $19 bucks after trial, and no contract, so even if you forget to cancel for a few weeks, it's not a bad way to go at all to bypass getting cable.
Hope all that helps. Good luck!