TLDR: SUSE plans on investing $10+ million over the next several years on developing a free binary compatible RHEL fork.
They expect and encourage community input during the development.
SUSE will also continue maintaining SUSE Linux Enterprise, naturally.
In reality, if you’re a mid or large sized business, it won’t make any difference. My company continues to pay for RHEL for the piece of mind of knowing we get support (even though we never use it!)
I can totally see enthusiasts and small businesses going with cheaper options (aka free!)