On a consumer level these fans simply value another good (i.e all other goods on a simple PPF diagram) over watching a mediocre team. Preferences differ from fan to fan, so the main difference between a "loyal fan" and a "bandwagon" is simply how much they value their team. All of this may seem too obvious to most but how can fans look down on someone who may have a higher opportunity cost for time then they do. We exhibit this very same behavior in every facet of our lives and see it in the world around us (e.g the stock market, the food we eat, time spent reading over watching t.v., etc.) and are not nearly as appalled as we would be when applied to sports.
The economy 50 years from now
2 weeks ago