It is actually.
I never liked racing before I went. I thought it was boring, that you just watch cars drive around in circles and that crashes were the only reason to go. Then I went.
It's the largest one day sporting event in the world. 300,000 people. Knowing drivers and having favorites, and having people you dont like (danica patrick) helps because you cheer for your favorites (much like an nba game between 2 teams you dont care about is boring). There can be lots of passing and excitement throughout the race (I've had cars crash right in front of me at 230 m/h). The sound and atmosphere of the 500 is absolutely unreal and unmatched in any other sporting event I've been to (I've watched the Braves win the world series, attended tons of college football games, and everything else).
To a certain extent, you have to have some degree of knowledge to understand whats going on because theres lots of strategy and other things that arent so obvious by just watching the race. But the entire event is absolutely awesome and the tradition of the race is incredible. It's the 100th anniversary this year.
No idea about the buyout. I really don't care about the NFL. I barely cared about the falcon's last year, even as an Atlantan. College football is much more exciting, and the rivalries are more intense and more fun.