What if they downgrade the quality enough? Say the stream it at 486 lines + degraded sound. Perhaps OK for many customers (since it might be equivalent to a degraded quality due to network throughput and latency) but if they can guarantee the quality is low, the owners of the content won't mind relaxing their distribution agreements.
At some point, even they have to realize that if someone really wants to get a pirated version of the content, they probably will, and probably much faster than bothering to setup buffer capture from Netflix.
Another thing they could do is to apply (or at least convince the users) that they applied a user-identifying watermark so if the video is leaked, they would know the source....? I've heard academy award disks have that.