IF WE’RE GOING TO FINGERPOINT AT CBS, HERE GOES . . .

There have been worse times at CBS than now. The news staff layoffs of ’87. The Ted Turner takeover attempt of ’85. The prime-time debacles of ’88 and ’89.

Yet there is something particularly pernicious about the network’s latest plight. There is a sense among staffers and industry observers that whatever bonds have held this place together over the years are beginning to snap.

How bad are things? Very bad. Let us begin with the prime-time schedule. In one year, CBS has fallen from first place to third (where it is tied with NBC). But NBC is in ascendance, while CBS is in a free fall. Most of the new shows are pitiable, while much-anticipated ones, like “Women of the House” or “Double Rush,” didn’t catch on. Only four shows (or time periods) have improved their share of the audience from this time last year. Three have tied. Sixteen have declined.

And let us look at something that is not measurable: morale. CBS is filled with people who believe that they have no future there, and who have no confidence in those who are running the place.

Why is morale so important? Because when people feel they no longer have a future at a company, they look elsewhere. There is ample evidence that that has been taking place. The most notable: CBS President Howard Stringer, who’s expected to join a new service formed by a consortium of “baby bells.”

Who’s to blame? Jeff Sagansky, former entertainment chief (who joined Sony last year)? Not really. Stringer? No. There is one chief culprit: CBS Chairman Larry Tisch, a smart man, and brilliant investor, but a lousy network television executive. The list of Tisch missteps includes some of the worst errors in CBS’ 68-year history. Tisch is finally reaping what he has sown. The worst error--losing the NFL--has even managed to compound the problems in prime time. Sunday night is suffering its worst performance in years, and even “60 Minutes” has slid 6 share points from last season’s levels.

Tisch never fully understood the business he bought into in 1986. At first he found it “fun,” a real challenge after tobacco and hotels. But he quickly learned that this expensive hobby had its downside. The issue of affiliate compensation galled him, even though it happened to be the foundation of the entire network business. His efforts to slash it forever gained him the enmity of CBS’ 200-plus affiliates.

In time, he would learn the rules and grudgingly played by them. But he rebelled at the worst possible times. He rebuffed the NFL owners, who wanted more money, and he rebuffed Ronald Perelman, who wanted to sell CBS a stake in some stations he owned. Perelman then took the offer to Rupert Murdoch.

Treating CBS as just another “asset” or “investment,” Tisch has squeezed costs and trimmed departments to the bone. Nevertheless, there is widespread fear that Tisch is about to squeeze more as he prepares CBS for the block. Says one industry observer: “If Tisch sells for $75 or $80 a share, then that’s a very high price. The savings will have to come from somewhere.”

But even Tisch can’t be held entirely accountable for what’s taking place at CBS Entertainment headquarters in Los Angeles. Peter Tortorici, the current custodian of CBS’ prime-time schedule, must assume some blame.

The collapse of prime time is daunting. Not only have standard-bearer shows such as “60 Minutes” suffered, but bread-and-butter shows as well: “Rescue 911” (off 5 percentage points in its share of the audience), the CBS Tuesday movie (off 4); “Dr. Quinn, Medicine Woman” (off 5), the CBS Sunday movie (off 4). Signature shows also have taken hits: “Murphy Brown” (off 3), “Northern Exposure” (off 4), “48 Hours” (off 4).

Let’s end this on a positive note. CBS wins in late night and daytime, and its beleaguered prime-time schedule will come back some day, though probably not this season. It does have some fine shows: “Cybill” is good, and “Chicago Hope” is the best new drama of the season, and “60 Minutes” is still “60 Minutes.”

Best of all: Tisch will probably be selling out before long.