will be left only with their originals for a duration of contract. The contents owners will realize that they can get better price from others such as Amazon, hulu, red Box and so on. The price of content will go up and up
The price of content is already going up because of the huge success of Netflix. Netflix's increasing demand for content is pushing prices higher. This is not hurting Netflix because they have the subscriber base and the subscriber growth to pay, it's hurting the competition who don't have the subscriber base and the growth to pay.
The competition has more more then Netflix, since they can allocate money from other sources, such as Amazon from profits of selling goods with free delivery or red box with the profits from DVD rentals etc
It should be noted though that it's hard to quantify how much content prices are going up for the EXACT SAME piece of content. The majority of Netflix's increasing costs are for additional content not replacing the same content.