Reportedly, Pai wants a system where internet providers merely promise that they won't block or slow competing traffic, rather than subjecting them to strict regulation. Disputes would go to the FTC rather than the FCC, potentially because the FTC's comparative lack of technical expertise would be more likely to favor telecoms over internet services and customers. Net neutrality wouldn't completely disappear, but it would be easier for providers to engage in questionable practices (say, zero rating) without being punished.

Update 4/25: The FCC has confirmed that Pai will talk about the "future of internet regulation" on April 26th at 1:30PM Eastern.