NEW YORK (TheStreet) -- I don't think Reed Hastings thinks he's running a scam at Netflix (NFLX) - Get Report. In fact, I consider Hastings a relatively well-intentioned guy who truly believes he holds the key to the future of -- for want of a less anachronistic term -- "television."

And, to a certain extent, he's got something with Netflix. Whether he actually conceived it or not, the whole DVD-by-mail thing was genius. He killed that, albeit prematurely, and gets 30 million or so subscribers to drop $8 a month for a limited slate of second-run (and beyond) TV shows and movies as well as a skimpy original programming schedule. Quite a racket.

And there's NFLX the stock. It's up 277% since I suggested investors

prepare to buy it before it rises from the dead

last summer.

After seeing the stock past $100

and $200,

$300 a share by summer would not surprise me one bit

.

Also see: Apple Finds a Friend in Jeffrey Gundlach >>

That said, putting all your coins in NFLX might end up tantamount to loading your 401K with company stock like all those poor

Enron

employees did years ago. Enjoy the ride -- no doubt -- however do not get sucked into believing you have invested in a great company with a promising future. Define the term however you will, but, Netflix will end a "scam" in that, without more bailouts, it will be worth nothing because it never really had much of anything real or tangible outside of the red envelope.

In light of competing news stories from last week, let's consider the reality I will continue to hammer home, just as I did prior to 2011 NFLX implosion I predicted.

First, via

Yahoo! Finance

, comes word that Netflix has signed another deal with

Disney

(DIS) - Get Report

that gives it access to kids' programming. This comes on the heels of what will go down as an anomaly and, quite possibly,

a mistake by Disney

to award Netflix "exclusive" first-run access to its movies come 2016.

Also see: The Great Gatsby's 5 Top Money Lessons >>

Second, via

Bloomberg

, Disney's

ABC Network

plans a

TV Everywhere

app that will give pay-TV subscribers access to ABC programming.

Let's quickly and clearly make sense of this as it pertains to Netflix.

TV Everywhere

, while still fragmented, continues to evolve. Make no mistake, TV Everywhere is not a scattered assortment of apps because old guard media executives are stupid. It is what it is because they're incredibly smart. They just don't run around telling everybody how smart they are like the Netflix CEO does.

Because, like Hastings, old media leaders see the future,

however

-- and this is the key part -- unlike Netflix, they control it. In fact, they have almost sole control over the future of "television." The old guard represents the future of video entertainment consumption as much as it does the past. Also,

unlike Netflix

, the old guard enjoys the luxury of overseeing a slow evolution.

Given the affiliate fees they collect and multi-million dollar gravy train checks for mostly stale and some strategic content they cash from Netflix,

Amazon.com

(AMZN) - Get Report

and others, there's no need to rush. Why bust a model where

you sell scraps to glorified third-party bootleggers such as Netflix

while you control the most coveted programming (sports, popular originals, top cable series, etc.)?

I know this. The old guard media knows this. Deep down, Reed Hastings even knows this.

Also see: Netflix Disruptor - Yekra >>

That explains his final Hail Mary pass from Netflix: its simultaneously impressive and lame original programming push.

Time Warner

(TWX)

executives and employees, particularly the ones at

HBO

, must chuckle as Hastings dribbles out originals such as "Hemlock Grove" and "House of Cards." They represent a hope and a prayer of survival in a world where premium outlets such as HBO dominate original programming with hit after hit, year after year.

If the originals don't work beyond anybody's expectations (and, possibly, even if they do), Netflix is toast.

Disney must be seeing success with its first big TV Everywhere app -- the one that streams

ESPN

programming -- because it's about to go big by spreading ABC content across platforms alongside an aggressive advertising push. That's the future. One that doesn't involve Netflix. Because there's no reason it should or possibly can.

The old guard media doesn't have to buy Netflix. They already effectively own and control it. They allow Netflix to exist on their terms. As those terms evolve to include the old guard streaming more of the content it also owns and controls, it's game over not only for Netflix, but other disparate streamers. Without a novel approach, you're gone.

Because of its uniqueness, versatility and strong cash, revenue and profit position,

Google

(GOOG) - Get Report

might have the best chance at survival in partnership with and in competition against the old guard media.

For attendant thoughts on

the beginning of YouTube's subscription push

, as it relates to Netflix and the bigger picture, see my appearance from last week with Jake Tapper on

CNN

:

Follow @rocco_thestreet

--

Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is

TheStreet's

Director of Social Media. Pendola's daily contributions to

TheStreet

frequently appear on

CNBC

and at various top online properties, such as

Forbes

.