The gist is it is two phases. Phase one involves a 42 day ceasefire and 33 hostages being released by Hamas and hundreds of Palestinian prisoners from Israel. Phase Two negotiations will NOT begin until the 16th day of the ceasefire. A third phase is to include the establishment of a new governing and security structure for Gaza and massive reconstruction of the enclave.
The earliest it will go into effect is Friday with first hostages released on Sunday.
Israeli offices believe 98 hostages remain in Gaza with 60 being alive. This would mean over half of the alive hostages would be returned.