Cloud 1.
I liked your fantasy idea of Jet2 operating routes from EXT.
However the management there would never encourage another operator that would upset Flybe's monopoly. Remember Flybe just happen to have a share of Galaxy Investment group, who in-turn have a substantial percentage in the ownership of Exeter.
Balfour are spending lots of money to improve Blackpool (some say at Exeters expense) because it is wholly owned by them.