The rhetoric over net neutrality has reached a fever pitch, with each side predicting dire consequences if opponents get their way. There is a critical need for protections from anticompetitive practices online, but both sides are exaggerating. Just as the sky did not fall when the FCC imposed its current Title II version of net neutrality in 2015, it also won’t fall if the FCC reclassifies broadband as an information service later this week—that is, if it follows through with the repeal of so-called net neutrality that has so many up in arms.

That’s...