It would be the Indianapolis 500, over 300,000 spectators in attendance for the event. Super Bowl
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I would have to say Nascar has replaced both football and Baseball. More people watch the race each week than watch the Super Bowl, or the World Series. ?. As of the Watkins Glen race on 8/12/07, NASCAR ratings are down down 9 percent from 2006 and 20 percent from 2005. So far in 2007, NASCAR is averaging a 4.7 rating, or about 8 million viewers. For the 2007 Super Bowl, the rating was 42.6 or an average of 93 million viewers. The World Series' ratings, like NASCAR's, have been dropping. Game 1 of the 2006 WS got a rating of 8.0. That's 42.7 for the 2007 Super Bowl versus 8.0 for the first game of the 2006 World Series versus 4.7 for the NASCAR season so far in 2007. Football is the US's #1 spectator sport.
Most likely Football, or baseball.
My guess is football, since the Superbowl garners millions of viewers every year.