Did you miss Obama's big NSA address? Here's the only sentence you need to get caught up:
I am therefore ordering a transition that will end the Section 215 bulk metadata program as it currently exists, and establish a mechanism that preserves the capabilities we need without the government holding this bulk metadata.
It's worth pointing out that Obama's big caveat — "as it currently exists" — gives him wide latitude on the issue. There are also going to be some big questions as to how he'll pull off the second clause.
For a fuller explanation of what's changing, click here.