The problem is that the FCC tried to just dictate net neutrality, carriers took it to court, and the court said that the FCC had overstepped its authority. So the FCC wants to get the authority to impose whatever rules it wants, but doesn't have it yet. The Google-Verizon deal could preempt legislative efforts to give the FCC that broad authority, and instead prompt efforts to get something like this deal either embedded in legislation or agreed to voluntarily by the major players.

See http://articles.latimes.com/2010/apr/07/business/la-fi-fcc-c... for confirmation of the FCC's position.