The big news this week out of Chicago is that the Chicago Tribune is putting the “pay” in paywall starting Nov. 1, with a $14.99/month subscription price for digital access.However, upon closer inspection, the Tribune’s paywall looks less like a paywall for valuable content and more like a membership or rewards incentive program — which could be a better bet.

As you can see from the pricing structure above, visitors, free registered users and premium subscribers will all receive access to breaking news. The site is putting up a meter for exclusive reporting and sports news, and the low 5-article limit may be able to convert some registrants into paying subscribers.The additional benefits with subscription may also help convert visitors. As we’ve seen before, digital replicas can be more popular and profitable than online access. And iPad apps for newspaper content are profitable, even for content that’s freely available on the Web.It’s unclear whether unlimited eBook downloads are a real seller. But events can be a huge revenue generator for subscription sites. However, VIP access may not be enough. The Tribune may want to take a page from The Day’s playbook and create exclusive events and deals for subscribers. By networking with local businesses and offering exclusive deals not found on Groupon and other sites, The Tribune can create a paywall that both readers and advertisers could get behind.