Earlier quoted context omitted.
This race is rigged. Even if the streaming providers win the telecoms will just jack up the prices on their bandwidth when net neutrality is killed completely, which I don't think is an avoidable situation at this point.
If net neutrality is gone for good, the telecoms don't even have to bother entering the streaming business. They just have to look at Netflix's profits each year and charge (profits-$1) the next year, letting Netflix stay barely in business and capturing the surplus.
Actually going through with this threat costs both companies money, so they will likely work out a mutually acceptable division of profit without doing so. However, if one company thinks the other is bluffing, they may try calling the bluff.
Also, this likely means more expansive for end users.