AFAIK
You are correct that to see all the Premiership matches you will need to subscribe to Sky Sports and Setanta.
Setanta is subscription only for a minimum of 12 months, there's no option to pick months or games. The £10 is also only an offer for Sky and Freeview customers, for Virgin it's £15 per month.
You can subscribe via broadband for £7.99 a month or £79.99 per year.
I agree it's a rip off and will personally be looking at other ways to see those games such as the many P2P re-broadcasting services like Sopcast.