It really isn't as simple as Netflix is right and Verizon is wrong.
Netflix is deliberately running a disruptive business model to reshape the relationship between large content providers and last mile ISPs. Their position is simple, they are (bit for bit) the most desired consumer internet service and that desire drives broadband subscriptions creating value for firms like Verizon. This value, they assert, should in and of itself be sufficient for last mile ISPs to provide transit.
On the other hand Verizon wants to preserve an entrenched oligopoly based on business practices and relationships developed over the past decade that generates material revenue from the delivery of content to subscribers. They assert that free transport only makes sense when the quantity of data you transport for Verizon is equal to the quantity of data Verizon transports for you.
Both of these arguments have merit and my personal opinion is the answer lies in the middle. Regardless, sometimes disruptive business models fuel innovation, lower costs, and benefit consumers and sometimes they fail.
My problem is that neither company is openly having the conversation, instead using deceptive and misleading public communications. While this may not be surprising given whatever deals are struck will likely represent a new and prolonged status quo this power struggle leaves customers of both companies unable to attain the service they have paid to receive.