If the content needs to be copied or downloaded in order to be watched, you may do so exclusively under terms set by the licensor, period. You may not even get fair use rights, as to get the content in the first place you might have to agree to terms of service waiving them, and being found to use the content in an unapproved way would be grounds for cutting off your access.

So in other words, copyright doesn't cover it, thanks for confirming that. The click through contracts you describe have no legal force where I live.