Will the new Instagram Feed affect the small-scale bloggers/Instagram accounts?

Just two days ago Instagram announced on their blog, that their feed will change into an algorithm driven feed. 

What does this mean?

Well the chronological order feed will soon be replaced by feed similar to that on Facebook, "best posts" first, and not to forget about the ad posts. 

"The order of photos and videos in your feed will be based on the likelihood you’ll be interested in the content, your relationship with the person posting and the timeliness of the post. As we begin, we’re focusing on optimizing the order — all the posts will still be there, just in a different order."- the company said.

This just brings out the question: What will this mean for the small scale Instagram accounts, how it will affect them, and does your feed as a not so popular Instagrammer gets you at the bottom of the Instagram feed? Does this means that the big accounts get even more likes than previous and the small ones even less than previous? 

My assumption is that, if you want to be "seen" on Instagram you must pay the ad.

For example my interest is first and foremost fashion that means that all the fashion posts will be first on the list. Next I regularly check Kristina Bazan on her feed (who doesn't right?she is amazing!), so her posts will be first on my feed and she will obviously get the like. But that does not mean that I don't want to check out and give a like to other small scale accounts that I obviously follow for a reason. If I don't want to see somebody's feed I won't follow it, it is that simple. If I want to see some particular feed and see if I had missed something for not checking the feed regularly I'll just do the search, I don't need Instagram to tell me whose feed I want to see and whose I don't. 

Last point, I don't spend more than 15 minutes at a time on Instagram so this "small" account will never get to be seen by me and get the attention it deserves.  Luckily the change will take some time and will happen gradually, so we still have some time left to do more quality feed so we won't get pushed out but the big shots.

Have you heard about this yet? Please share your thoughts on this.