It's the syndication model. There may be a price for everything, but exclusivity is enforced by the hypothetical price being outrageously high (~$2/ep would kill Netflix). The dollar model presumes that the dollar theater could pay the same price as the expensive theater and get the same access and that both of them are negotiating with a third-party rights holder.
Unless the amount of money that Hulu is getting for each ad is shockingly high (It's $25-30 CPM), the cost for Netflix to acquire similar rights would be fairly reasonable and they would have likely already done so. Since the holders of the media distribution rights actually own Hulu, it's likely that Hulu is not paying the same price for new shows that Netflix would have to pay (hypothetically, if such an offer was even realistically on the table).
If breaking exclusivity was just a matter of being a bigger company, then Hulu would show Netflix's exclusive content. The key part of my argument, which you keep skirting around, is that Hulu is owned by the media companies and that their exclusive access to those companies' content comes from that fact and not that their ads are allowing them to pay exorbitant royalties.