Without trying to defend him here ( not my goal ), that is a pretty weak analogy.
“Everything on TV” is not a zero sum game. For one thing to be true, it is not necessary for everything else to be false. There is little dependency between the content on one channel and another.
Looking at his own cultural religious tradition, the major religions say contradictory things and say that they are the truth. Islam and Judaism both reject that Christ is a God whereas it is pretty important to the Christians that he is. They cannot all be right. That is clearly what he is saying.
Although, taking a step back, many religions throughout history require faith in the Gods they profess but not necessarily a rejection of other Gods. That seems to be a more recent thing.
If it was not required to reject the Egyptian Gods to accept the Norse ones, then his reasoning falls apart and your analogy becomes valid.
Here is a better analogy: since it is inconceivable that all the runners will win the race, the most reasonable conclusion is that they will all lose it.
Better yes, but we are not quite there.
A race happens in a point of time, then it is resolved by verifiable evidence
