The mechanism. Every few years the FCC reclassifies broadband under Title II, reinstates blocking/throttling/paid-prioritization bans, gets sued, and a circuit court vacates the order. That cycle just repeated: the Sixth Circuit struck down the FCC's 2024 "Safeguarding and Securing the Open Internet" rule in January 2025, citing Loper Bright's death of Chevron deference. Headlines called it the end of net neutrality. Cable and telecom stocks barely blinked — because the federal rule was never the binding constraint. California's SB 822, upheld by the Ninth Circuit in 2022, already bans blocking, throttling, and paid prioritization for every ISP serving California residents — roughly 12% of the U.S. population and a state broadband operators cannot afford to exit. Washington, Oregon, Colorado, and Vermont have comparable statutes; New York, New Jersey, and Maine impose similar terms through procurement and executive order. A national operator's engineering and legal compliance is built to the strictest state standard, not the loosest federal one, so the FCC's rule of the day changes optics, not opex.