It doesn't enshrine this behavior in law at all. Wheeler's commentary states that it is a separate issue which needs to be addressed later.
It doesn't do most of the other things that people are complaining about here either. from the actual proposal:
§8.5 No Blocking. A person engaged in the provision of fixed broadband Internet access service, insofar as such person is so engaged,shall not block lawful content, applications, services, or non-harmful devices, subject to reasonable network management.A person engaged in the provision of mobile broadband Internet access service, insofar as such person is so engaged,shall not block consumers from accessing lawful websites, subject to reasonable network management; nor shall such person block applications that compete with the provider’s voice or video telephony services, subject to reasonable network management.
§8.7 No Commercially Unreasonable Practices. A person engaged in the provision of fixed broadband Internet access service, insofar as such person is so engaged, shall not engage in commercially unreasonable practices.Reasonable network management shall not constitute a commercially unreasonable practice.
§8.11 Definitions. (a) Block. The failure of a broadband Internet access service to provide an edge provider with a minimum level of access that is sufficiently robust, fast, and dynamic for effective use by end users and edge providers.
According to Wheeler's commentary things that are commercially unreasonable include:
If the network operator slowed the speed below that which the consumer bought (for reasons other than reasonable network management), it would be a commercially unreasonable practice and therefore prohibited,
If the network operator blocked access to lawful content, it would violate our no blocking rule and be commercially unreasonable and therefore doubly prohibited,
When content provided by a firm such as Netflix reaches the consumer’s network provider it would be commercially unreasonable to charge the content provider to use the bandwidth for which the consumer had already paid and therefore prohibited,
When a consumer buys specified capacity from a network provider he or she is buying open capacity, not capacity the network can prioritize for its own profit purposes. Prioritization that deprives the consumer of what the consumer has paid for would be commercially unreasonable and therefore prohibited.
In other words if you buy a 30mbps connection, the ISP can't specially throttle Netflix below 30mbps to reduce their load. They have to throttle everything equally. They can sell Netflix the right to be delivered at speeds over and above what the end user has paid for.
It's also worth noting that since the Supreme Court ruling. There is no regulation in this area at all. This may be far from perfect in some ways, but it is certainly better than nothing.