The one thing that can be said with confidence is that everyone hates the proposal. Even May probably hates it, but she isn't allowed to say so. Brexiteers hate it because
It would take a parliamentary miracle* to get it passed. Stranger things have happened, I guess, but it's not looking likely.
* As Pratchett said, just because it isn't nice doesn't mean it isn't a miracle.
As an aside : it might not necessarily be the worst deal possible - it may even be the best one possible in the circumstances (under the silly constraints in which May operates, e.g. trying to get Brexit to actually happen), but it isn't what anyone wanted.
So, what are the possible outcomes ?
1) Parliament votes for the deal and we stay in the same stupid situation we're in now.
2) There's a leadership challenge before MPs even vote.
3) There's a vote and May's deal is narrowly rejected.
4) There's a vote and (as currently seems likely) the proposal is roundly rejected.
(1) probably won't happen. (2) is unlikely - it would behove any challenger to wait until they've got numbers on their side.
(4) is the most likely. If so, May can either try and patch something up (which seems impossible given how long it's taken to get this far), try a different Brexit strategy completely (which is what a lot of Tories are calling for, but none of those options seem even remotely sensible or feasible in the time allowed), or ask for an extension of Article 50. That seems about the only plausible way to salvage something out of May's debacle - but again, this would be hugely unpopular with everyone.
Alternatively she could pull a blinder and call for a second referendum. But she won't, because no-one likes the agreed deal, no deal isn't feasible and she knows it, and the Brexiteers won't let her put down Remain as an option.
A leadership challenge seems the most likely outcome of this (either called by other Tories or by May herself to force their hand, though that seems less likely). A new Tory leader might have a mandate to hold a second referendum, in order to prevent the need for a general election (though this may well fail). God alone knows what chaos that would reap within the party, whichever option they supported.
(3) Is unlikely and is the hardest to predict what would happen. I would guess it be something like (4), but might give May an edge in any leadership contest.
I don't really see any plausible outcome which doesn't involve yet more political chaos and infighting. It's entirely possible we could face both another election and a second referendum. There's very little chance of Brexit simply being aborted, and no-one with any sense would even guess which way a second referendum would go. Both parties face fundamental ideological splits on Brexit, and Labour still face them on even more basic principles as well.
I don't like it.
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