This summary is not the rule. The rule text controls.
If you have a water rights case in Colorado and nobody files a protest against the referee's ruling, the water judge can go ahead and turn that ruling into a final court order. The judge doesn't need to hold a hearing or do anything complicated. The judge simply signs off on the ruling, confirming it as the official decision of the court.
This rule exists to keep things moving when no one objects. If everyone agrees with the referee's decision (or at least nobody disputes it in time), there's no reason to make the case drag on. The judge's signature turns the referee's ruling into a binding judgment and decree, which means it becomes legally enforceable just like any other court order.
For people involved in a water rights case, this means that silence has consequences. If you don't file a protest when you have the chance, the ruling will likely become final without any further input from you. Once the judge signs the decree, that decision is locked in as the court's official judgment.