Yes and no. It really depends on the team. The Cardinals in baseball do a very good job of it. You can get all-inclusive seats on the non-premier teams/dates for $100 or less, and it's legitimately good food, not just the concession stand or simple stuff. You tend to see it work better in sports like baseball where there isn't a high likelihood of a sellout for the lower tier games. For smaller stadium sports or sports with less games, it's more likely that they can fill the arena without lowering prices much.
I need to come to a Cardinals game...