Seems like the logical endgame is Netflix buying up and aggregating these legacy content producer/channels, possibly piecemeal. There are too many walled gardens right now and they will likely into 3 or 4 key players (say Netflix, HBO and Disney) with everyone else getting gobbled up.

Then everyone has 3 channels on their TVs and we start the explode/aggregate cycle again, just like what happens to banks and telcos.