First things first, take all your content and put it on itunes. Break the content down to different levels of granularity, so people can find and purchase a snapshot, a scene, an episode, a season or all the seasons (requires metatagging of video). Allow people to pay for content at each level, differentiating the price by how much content they want.
To create more opportunities for advertisers, make videos interactive, a la Youtube model, where the opportunity to buy a song pops up when a song is played in a video, only extend it to products, items etc. Interactive video extends to making data smart, so that objects can be touched and a pop up appears, with information on the object and the ability to purchase, or find similar items.Also to tap into an untapped market, have the videos transcribed, so the deaf can still watch. If video streaming is possible, stream some shows, but you need to check the capabilities of ATT’s network, since they are handling the 3G speeds, and may not be able to handle the surge.
Another option, instead of putting all content behind a paywall, is to offer some content for free, but for a limited time. BBC tried this with their IPlayer. Make the content free for 7 days then put behind a paywall. This is a gesture of goodwill to consumers saying hey, we are giving you content free, but after seven days, you gotta help us out.
The other option, which will make most CEO’s cringe, is to be unorthodox. To really take full advantage of the IPad, CBS can do what no other company is likely to. We all know that the IPhone, ITouch and thus the IPad are basically mini computers masked as media devices, due to the constraints from Apple, because they feel the need to control everything. Eventually these machines get hacked/jail broken, which opens them up to whole new level of flexibility and capabilities. CBS can have a programmer create an app, for the jail broken version, as well as the normal version. The jail broken app will be able to take advantage, of the machines full power. Things such as running multiple programs in the background, having a widget, allowing direct downloads from the internet, to the device. Its all about how big you can dream.