Need clarification on Flash-based content will be blocked from running in Adobe Flash Player

According to the latest news release, "Flash-based content will be blocked from running in Adobe Flash Player after the EOL Date."

What does that mean? Will projects finished and run locally using Adobe Air or Flash Projector be affected? Games that are made and sold on Steam, will they still be functional? Anyone who has used Flash to build anything or invested in it needs clarification on this matter.