Great question! Yes, Google has an effective way to deal with this since 2007. The three ways they deal with this include first click free, subscription designation, and then disallowing content. Here is their official support article on it:
https://support.google.com/news/publisher/answer/40543?hl=en
Here is a quote from the help article:
"To summarize, we will crawl and index your site to the extent that you allow Googlebot to access it. In order to provide the best possible user experience and help more users discover your content, we encourage you to try First Click Free. If you prefer to limit access to your site to subscribers only, we will respect your decision and show a “subscription” label next to your links on Google News."
Here is what Matt Cutts said about it in an interview with Search Engine Land:
"First Click Free originated with Google News, but you can use the same way of handling content in web search (show the same page to users and Googlebot, then if the user clicks to read a different article, then you can show them the registration or pay page). Because the same page is presented to users and to Googlebot, it’s not cloaking. So First Click Free is a great way if you have premium content to surface it in Google’s web index without cloaking. Hope that makes sense."
It is possible to allow the Googlebot to access the content and simultaneously NOT provide it for free to non-subscribers. The above help article above should answer all of your questions. Hope this helps!