There will be a lot of "horse trading" among applicants as the ICANN evaluation process plays out over the coming months, Ernst said.

Some applicants may agree to drop out of one competition in exchange for their competitors dropping out of another term they both applied for.

The negotiations will make for "lots of intrigue and maybe some legal fights among competitors," DelBianco said.

Ultimately, ICANN can auction gTLDs if applicants don't reach agreements. It will be in the applicants' interest to stay away from the auctions, Ernst said.

"ICANN would love to have Amazon and Google bidding against each other," Stockton added.