Their current deal to show Scottish Premier League games ends next term but only last year they agreed a vastly-improved £125million package over four seasons for exclusive live coverage from 2010.
However, the company, which won the rights to broadcast the SPL from the BBC in 2004, is now seeking to pay less to Scotland's top flight.
Thompson said on the BBC ahead of Thursday's Hampden summit: "I hope common sense prevails for the good of the SPL. We are where we are.
"There is no point in looking to where we were last summer. We've got to move forward. It's a tough world out there."
Setanta have run into difficulty since they failed to land a greater share of live Barclays Premier League matches during the most recent round of bidding.
Some estimates suggest up to £20million could be lost to SPL clubs in a revised deal.
The SPL's voting structure is such that eight clubs need to be in favour of any proposal for it to be passed.
Motherwell manager Mark McGhee and Falkirk chief executive George Craig have already voiced their concerns at Setanta's intentions.
However, PricewaterhouseCoopers football finance expert David Glenn has urged clubs to put any reduction into context, pointing out the Setanta deal due to come into effect from 2010 offered clubs just over £30million a year, double the amount of the current contract.