Let's look at Product Identity and ORC Content. These are analogous to the Product Identity and OGC in the OGL. (Note, common point of confusion I see, Product Identity -- PI -- is not the same term as Intellectual Property -- IP).
You have to make a "reasonable, good-faith effort" to idenfity your PI and ORC Content (that needs an abbreviation: I'll go with OC for now) to the next user. That's kinda vague, of course, and subject to interpretation, and I'm sure some people will obfuscate it while claiming to have met that requirement as they did with the OGL.
Product Identity
Much like the OGL, this is the content you want to keep to yourself. Names, art, etc. are common (eg WotC in the OGL keeps back stuff like 'Dungeons & Dragons' and 'Forgotten Realms'. Those are the bits other people cannot use. You need to list them all. It also includes stuff like trade dress (the reason why you shouldn't make your OGL product look like an official D&D book in layout!)
Note you cannot include anything previously designated as OC, or which belong to somebody else, or which are public domain. Your stuff only.
ORC Content
There's two types - the stuff you declare is OC, and the stuff you are using from somebody else's OC (which the license calls Adapted ORC Content, so I'll go with AOC).
OC is specifically declared by you. You need to make that "reasonable, good-faith effort" to identify it to the reader.
Additionally, game rules are automatically OC. It has a complicated definition in the license, but basically mechanics are OC.
AOC is stuff that you've taken from other OC sources and adapted or used.
Rights
Anybody can use OC (or AOC, which is OC). You cannot stop them, limit their use, impose conditions, charge them, or ask for royalties. All they have to do is use the ORC. These rights apply to all media and formats, even those which haven't been invented yet.
Again, very basic overview. There is more detail and nuance. But that's the gist of it.