Nah, this is different.

Sirius/XM is paying for the right to deliver the content to their 
subscribers, and charge their subscribers for that content.  MLB only 
gets paid by Sirius/XM, not the subscribers.  That's why the big money 
is required.

Logitech wouldn't be buying the content and reselling to customers.  It 
would just be offering one more technology channel by which customers 
could purchase content directly from MLB.  Squeezebox owners would pay 
MLB directly for their subscriptions.  Logitech would just provide a 
player that would work on the SB platform.

A good analogy would be Apple.  Apple sells iPhones.  Customers buy the 
iPhone MLB app (with bundled audio subscription).  MLB gets their cut of 
the App Store sale and that's all.

In our case, Logitech just gets the profit from the sale of additional 
SBs to baseball fans.  MLB just gets the audio subscription revenue.

This is exactly how it works for the Pandora, Napster and Rhapsody apps.

--rt
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