I seem to say this in nearly every thread where people come up with stuff about the licensing, but why not another?
I worked with VERY similar licensing agreements. Stern has the right to pay Disney money to license some of their themes if Disney agree the amount Stern is going to pay is enough for what they are doing.
Anything that Disney has, if you pay enough for the license, they would license it. Anything. So long as what they are licensing is something they are okay with licensing.
You could not pay Disney enough to license a paddle with Mickey Mouse's face on it to spank your kids with. But if you want to license the Black Cauldron to make socks with that on it, Disney will gladly listen I promise, so long as you have cash.
When you obtain a license, you say if you want it to be exclusive for that item or not. If you want the exclusive manufacturing rights for, say, a pinball machine, you incorporate that into your bid. If two pinball companies are bidding on a license, the one with more money would win basically every time. There are some extenuating circumstances that might come into play, but very rarely - and that would be more like they saw a mock up and liked the competitor's project more. Although more money can get them to go with the lesser product anyway.
Long term contracts work a bit differently (because they have no end date, and basically say they will last until something happens) but this isn't what a pinball one would be. You still license small parts of it all though, there is absolutely no way in heck that Disney would say to JJP or Stern, "Hey, we like you, so if you want to make a machine on... well... anything we have at all, we'd be happy to have you do so! Anything!" These contracts are very specific, and end either when they are done, or if certain things happen (or don't).
If anyone wants to read a real license agreement, one that is particularly fascinating, Marvel's contract with Universal's Islands of Adventure is online and can be found here:
Because it is discussing a license that would be built - the park was going to build up their stuff - this is one that operates in perpetuity with the only decision to terminate it in the hands of Universal, much to the chagrin of Disney now that they own Marvel.
Ultimately though, and you can see it even in this, they didn't sign with Universal because they thought they were nice guys. They signed because they wanted their characters to be used in ways that would earn them more royalties from those characters, and Universal would guarantee an amount of money to be paid to them each year for the license and advertising.