This means everything on the internet will not be equal, if they take this action.
In other words, the ISP you use will arrange it so Netflix costs more, but the content they stream (just like they do with the cable TV services) is cheaper.
Or, something like CNN will load slowly, but FoxNews will load quickly.
Or, VPN traffic will be banned.
The REGULATION is in place so the ISP acts as a common carrier, ala' landline phone companies.
Without the REGULATION in place, the "free market" will take over the ISPs, and they'll of course do the right thing here.