As in effect we've basically just decided to keep the status quo but with no seat at the table. Merkel and other EU leaders have said that access to the single market - essentially an EEA - deal would still require the UK to allow free movement.
If free movement was the backbone of the Leave campaign then we've effectively shot ourselves in the foot then we won't even be allowed a place at the negotiating table yet must abide by EU law in order to trade with the bloc.
What a mess!