"The ISPs aren't peering at all, they are the termination point."
Huh? Peering is how traffic is exchanged between termination points. Traffic from Netflix to Comcast customers can reach Comcast's network three ways:
1) Netflix can peer with Comcast.
2) Netflix can be a transit customer of a network that peers with Comcast.
3) Netflix can be a transit customer of Comcast.
1 is what they agreed to now. 2 is what they had before using Cogent's peering with Comcast. 3 is unreasonable given the business nature of Comcast and Netflix.