This is what Canon built the 7DII for - sports and event photography. It's not your next video camera. It's not your 4K monster. It's not your lowlight video king. It's not your super cheap, Super35 high-end codec camera. It's a DSLR! Period. Remember those....the ones that take pictures? And it takes pictures of fast moving objects while tracking them and keeping them in focus!
Take a look at some of the specs: 65 point AF, built in intrevalometer, 10fps (31 RAW and over 1,000 JPEG as long as your card is fast enough to write the data), automatic lens distortion correction in-camera, GPS, weather-sealed aluminum body, and a completely revamped and upgraded metering system. These are features video guys/gals don't care about. Action photographers do. This camera makes a legitimate swipe at the Canon 1D X and Nikon D4S for a third of the price (yet, there are still reasons why a photographer might want a 1D X or D4S over a 7DII).
If Canon wanted to announce a new video camera, DSLR or not, it had NAB in April or IBC last weekend in Amsterdam. But they didn't. They announced the 7DII at Photokina, a photography show. That should say a significant something about where they intend to position this camera in their lineup.
Read the specs and press release for Canon's 7D Mark II here.