A technique for classifying traffic at a network node involves programming a content addressable memory (CAM) array with multiple class-specific entries, where each of the class-specific entries has an associated traffic class, obtaining a protocol-independent key field from an incoming packet, and searching the programmed CAM array with the protocol-independent key field to identify an associated traffic class of the incoming packet. In another embodiment, each of the class-specific entries has an associated traffic distribution policy, which may be applied to an incoming packet.