I was able to find an answer to at least part of this question in the FCC fact sheet[0] on the decision.

> The Order prohibits “take-it-or-leave-it” offers, meaning that an ISP can’t refuse to serve customers who don’t consent to the use and sharing of their information for commercial purposes.

So at least they can't cut you off entirely if you don't consent/opt-in.

[0] http://transition.fcc.gov/Daily_Releases/Daily_Business/2016...

Edit: source