From Inside Sources:

Tom Struble, manager of Technology and Innovation for the R Street Institute, explained that based on the court’s definition of “preemption,” the FCC can still trump state laws on net neutrality if the FCC decides to challenge them in court.

The FCC tried to say that it has authority from Congress to stop states from passing any net neutrality laws in the first place, but the court ruled that Congress never gave the FCC such broad authority.

That means state net neutrality laws are still vulnerable to preemption, but it will have to be done in a separate case,” Struble said on Twitter.