Regulations that ensure a level playing for content providers and consumers of the internet, and nobody knows what will happen next.

On Tuesday, the U.S. Court of Appeals for the DC Circuit struck down regulations passed by the Federal Communications Commission in 2010 that essentially barred internet providers-such as Comcast Corp., Verizon Communications Inc. and AT&T Inc.- from being able to block or slow down internet traffic.

The regulations of 2010 were guided by four basic principles of what was dubbed the "open internet" by the FCC back in 2005.  These four principles can essentially be broken down as such: 1) consumers are entitled to access any lawful content that they choose; 2) consumers are entitled to run any application and use any service that they choose; 3) consumers are entitled to choose what devices they connect to, as long as they're legal and do not harm the network; 4) consumers are entitled to competition among network, service and content providers.

The "open internet" rules passed by the FCC in 2010 required that Internet Service Providers (or ISPs) place neutral restrictions on bandwidth.  Now that those rules have been lifted, ISPs can charge more money for more bandwidth.

This could mean higher costs for the consumer.  According to the Wall Street Journal, Tuesdays rulings set up: "A business model similar to that of cable, in which entertainment companies and cable providers enter into intense negotiations to determine the various tiers of your cable line-up. In other words, we're witnessing the cableization of the Internet."

Others predict that major content providers, such as Amazon and Netflix, will be subject to higher costs for the large amounts of bandwidth they use- costs that would then go on to the consumer.

Or it might mean that a major streaming site like Netflix could pay an ISP more for a "fast track" internet connection; therefore crushing smaller competitors that can't afford the privilege.

It's hard to predict exactly what will happen now that "net neutrality" has been lifted.  The impact of Tuesday's ruling will entirely depend on how internet providers take advantage of the new tools they have at their discretion. 

And for now, some of them have promised to behave themselves.  Comcast remains committed to adhering to the current "open internet" policies until January 2018.  What the landscape of the internet will look like by then is anybody's guess.