How The Pirate Bay Will Be Legalized from TorrentFreak.
To please the entertainment industry GGF will install a system that will allow the copyright holders to either authorize the 'illegal' torrent or have it removed from the site. If the copyright holder opts to choose the first option they will be compensated every time the file is downloaded. In addition, the board says that it will pay penalties if it has to.
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One of the pitfalls of this new reactive system is of course that copyright holders might start to remove content en masse instead of authorizing it, so that there is nothing available for the (paying) users to download and share. Without content the users will walk away and The Pirate Bay will slowly die.
And by "slowly die" I think you mean "quickly die".
Somehow this doesn't seem like it'll be "business as usual" as TPB promised when they first announced the buyout.