Basically. The way it works is you submit your stuff to them for review. If they like it they offer you at least a basic contract that allows you to post anywhere but automatically gets you into their traffic incentive program and some perks like editor help and stuff. If they REALLY like you they will offer an exclusive contract as an option as well. We were offered the first, which is fair we feel we have a good story but we don't have a strong following yet. They have no way to know if we will do well for sure.
I can't go into too much detail as they don't seem to want us to share all the info of the contract? Which is understandable I suppose. But I think it's worth the time to submit. I mean, there are worst things than them telling you no!