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Ideally it'd work where they generate a URL for you that works for 24 hours or something like that, or they give you a one time url, but you can generate as many as you'd like for 24 hours. If for instance they see someone generate 100 or 1000 or something they can then revoke their permissions.

Based on the tone of Louis CK in his description, I would try sending some feedback on the problem... he appears receptive. It's only been available for one day so far, so I imagine he would appreciate a chance to improve the system.

If you buy tickets to a concert, and then something comes up where you can't make it, do you get to go again for free?

I don't see this as being unreasonable, especially for $5 with no licensing or DRM or anything around it.