However, in reality, the content owners really aren't that dumb and incompetent. There are very punishing legal implications to breaking the contracts, especially your relationship with others. And the content owners don't just do nothing; there's quite detailed questions and requirements they give when you renew their content, and they very often discover things they want to change after.
It's obviously a problematic enough relationship that netflix doesn't want to be a part of it anymore. More power to them; I wish this could be done for all industries as easily/well.