Apple has responded, saying they will act much sooner than the duration of the contract allows. They claim they will quickly halt sales of all NBC content:
Rather than cut off NBC programs in the middle of the season, Apple decided to stop before the new fall episodes premiere next month, he said.
As NBC's content makes up a significant portion of iTunes video sales, it represents a blow to both Apple and NBC. Will NBC back down on demanding more than double the price per video? Will Apple cave in to $5 video downloads? Neither seems likely at this point.