Its actually kind of complicated, but I think this will answer your questions... Because MLB looks at the financials of only the Blue Jays Baseball Club LP entity, Rogers Sportsnet is forced to pay them a "Market Rate" for the TV rights. Otherwise, for revenue sharing purposes, the Blue Jays could say they only receive $1 for their TV rights, and thus look like they are losing a lot of money, and be able (at least under the old system) to get transfer payments under the revenue sharing agreement.
Of course, this is all on paper. In reality, who knows how much they really get. I think they main thing to remember when you are thinking of this, is that you have to look at Rogers as a whole. Not just the Jays, Sportsnet, Fan590, Rogers Cable, etc... In reality, the scheme is brilliant, and very profitable.
In looking at the flow of payments:
Blue Jays Baseball Club <--Rogers Sportsnet/Fan590 (Rights Fees ie. Money paid by Networks to Teams to be able to show their games) <--Rogers Cable (Carriage Fees ie. Money paid by cable companies to TV Networks to be able to carry their signal) AND Advertising Revenue (Premium Fees are charged for Sports Content these days with the Advent of DVR, as Sports is the only programming that people seem to watch live nowadays. For advertisers, this is key, as viewers cant fast forward past the commercials)
So in normal circumstances, the Baseball Team gets money from the Network. The Network gets money from advertisers and cable companies. Cable Companies get money from their subscribers. At each arrow there are revenues and expenses related. In the Rogers case, there really are no expenses (except on paper between Rogers Entities), only Revenue. Its pretty brilliant. Rogers Cable customers pay their Cable Bill, and Advertisers pay to put on commercials, but because Rogers owns the TV and Radio Networks, there are no Carriage Fees. Because Rogers owns the Blue Jays, there are no Rights fees. The Profit Margin taken at each arrow goes directly to Rogers.
All in all, Rogers is Banking. And remember, this is before one ticket is purchased. There really is no reason our payroll shouldn't be Yankee/Dodger-esque.