You should just ignore Google's TOS...hell everyone else does, it's much easier to beg forgiveness than it is to follow the rules. + do you really think they'd ever cut your access?
Think about the shitstorm that'll happen..."GOOGLE is raping our children by shutting down their favorite site!"
The chance of them pulling the plug is insignificant, and you destroying your site over some fine print is crazy. Read the fine print of any website, any service, all of them have the "by using this site you grant us the rights to your children"
I'm not saying you should be complacent, you should still create a backup version of the site, so that if google ever shuts you down, you can instantly switch to a ~1000 video backup from places like vimeo. Why? So that you have something to offer to your users, while they rebuild your database with vimeo links.
Throwing in the towel over something that might happen in the future(contrary to common sense) is simply irresponsible.