It's like American Sugar. It's not only when you have your own stores, it's also illegal if you only sell to certain stores. Basically, American Sugar had to sell to all stores without discrimination. Anything short of that means that you are still in the business of distribution. So in Netflix terms, it means that whatever deal that, say, Hulu or Amazon Prime gets, Netflix would get too. Or else Disney is colluding with Hulu to skirt their restriction on being a distributor.
For businesses like Netflix, plans like Warren's are music to their ears. I bet creating all that content is a huge part of their costs. Now they can dump all of that, and acquire content at the same terms as all their competitors.
So any way this whole thing shakes out, Netflix wins. Because whatever it costs, it costs that much for everyone, and Netflix gets the same content catalog as everyone.
I'm no business expert, but that doesn't sound likely at all to me. There's a reason why ISPs are always trying to vertically integrate with content production. Moving bits around is a low-margin business.
Only the new law ensures that none of it will be running on their competitors machines. A stricture mandated by law for Natflix.
That's the brilliance of the law! (Well, for Netflix anyway.)
And if you think House of Cards and Stranger Things are as valuable as franchises as Star Wars, Star Trek, and the Disney Archive, I have a bridge in Brooklyn to sell you. As far as content swaps go, you happily make that trade every time.