The effect you describe are correct, but the intermediate steps will be different in my opinion.
If I follow what you say , Customers pay more, Cable companies become more profitable and internet companies pass on the cost and remain about the same in terms of profitability.
The situation will probably be worse. All the larger companies (established ones) will be able to pay (And probably not take a serious hit). Any new entrants will find it a barrier. So will any non-US website. So, other than Netflix,Hulu and Amazon, the market will have no movie streaming business. Youtube will be free from tiny competitors. Facebook and Google+ will have no alternatives. There will be one or two streaming music companies (not 10 or 15 as today). As a result, they will be able to charge you monopoly profits. So the actual results will probably be that established internet companies become more profitable, innovative start-ups die, consumers pay more and cable companies collect more. This is a far worse outcome for US innovation than what you describe.
Actually what surprises me is that Google actually supported net neutrality. Traffic shaping would actually allow them (through these bribes) to kill all competitors. Just pay Comcast a large enough amount and they will gladly throttle anyone else to death.