The word Flute in corrugated describes the arch shaped paper medium that makes up the sheet's corrugation.
 

Standard Corrugated Flutes

Flute Cross Section Flute Designation Flute Thickness
A Flute 1/4"
B Flute 1/8"
C Flute 3/16"
E Flute 1/16
 
The chart on top shows different Flute Cross Section and their Thickness.
The highest flute size is offering excellent cushioning and crush resistance.