Depends how cynical you are. He could technically lobby 'other parts' of the government according to this article but it does not specify, only reiterates you can't lobby your former agency for 5 years.
Serving 5 years in a government position when you could be an exec at a Telecom company is a gigantic opportunity cost so the point here is that he's not getting paid off, unless fraudulently, which can't be completely ruled out.
Would the FTC count as "other parts of the government"?
I seem to recall one of the arguments of Pai is that the FCC shouldn't be responsible for regulation of the internet, it should fall under the FTC.
So as head of the FCC he can effectively strip it of all power, the governance shifting to the FTC. Once his commission is up he takes a job at Verizon/At&T/etc, lobbying the FTC.
Or, as burkaman noted, they will just issue a waiver.
Serving 5 years in a government position when you could be an exec at a Telecom company is a gigantic opportunity cost so the point here is that he's not getting paid off, unless fraudulently, which can't be completely ruled out.
https://www.politico.com/story/2017/01/trump-lobbying-ban-we...