If you've been following the debate over Internet regulations, you might have gotten the impression that Federal Communications Commission Chairman Tom Wheeler has already released his "net neutrality" proposal.

What Mr. Wheeler unveiled to the public on Feb. 4 was an outline of the sweeping regulatory changes that are subject to a vote by the full five-member commission on Thursday. Unless the chairman changes his mind at the last minute, the public won't get to see what's called a "report and order" until...