If cable companies are permitted to pick and choose what they'll deliver to their customers and/or what speed certain things will be delivered, my prediction isn't that we'll get slammed with a NetFlix block overnight. It's going to be a death of 1000 cuts. First, they'll put data caps (which is fine), but not fine is saying that their own video services will be exempt from the caps. This way, they're giving complete freedom to NetFlix, but getting their foot in the video content door by giving themselves an advantage. That will only be the first step. There will be more insidious pricing after that. But you watch. NN will "lose", and let's watch for the first moves to grab video revenue.
Who would be "permitting" cable companies to pick and choose anything under your scenario? What you are really saying is that companies will be free to negotiate agreements without the heavy hand of government involvement. That is how it should be.
If this results in anti-competitive practices or censorship of information, then laws are already in existence to deal with it irrespective of NN. Do you honestly believe that Google, Netflix, Amazon, etc... will be held hostage by the ISPs and not fight back in the courts?
The good news is that NN will be repealed in the coming months. We will see if the system collapses when that happens.