I think that works until the cable companies essentially become defunct.  Once that happens Netflix, being the 500lb gorilla in the room, will be the highest bidder for your content even if Netflix is the lowest bidder per view because Netflix will have all the eyes.  Showtime is now available as an add-on to Hulu.  It will be interesting to see how this model works out for them as opposed to the HBO self-streaming model.  I suspect the end game will kill off both of those models because, again, I speculate even if the per-view revenue via Netflix are lower your over-all revenue would be higher.