Of the proposed suitors, Dish is the only one with any power to realistically do any sort of negotiation on the content rights since they can bundle Hulu into their carriage agreements they make with their content partners.
Google's smart enough to realize that they would need to get something like a 5-10 year window on the rights to content for this to make sense. They need the demand for IPTV streaming to really catch up, where if Hulu shuts down the networks would feel some consumer pain. Right now if Hulu closed its doors Fox/ABC et al, would barely notice.
But if Google is successful, you might be extremely close to Google being able to complete a full IP delivered ala carte "cable system" and that would change the game completely. Their biggest issue here is that they'll be doing it over their competitors pipes since cable is the primary broadband mechanism. The real final piece to the puzzle would be rolling out some sort of Google broadband via wifi/fibre etc all the way to the home.