What does the UPS-Teamsters deal mean? Who won? And what's next?

UPS and the Teamsters reached a tentative deal on a new labor contract Tuesday, potentially averting what could have been a crippling strike. What it means really is up to the 340,000 rank-and-file Teamsters who work for the company who now get to vote on the deal.

If they vote no, a strike is still a very real possibility. That could bring millions of package deliveries to a grinding halt, upend only recently recovered supply chains and knock the US economy for a loop.

But if the Teamsters vote yes, there are a number of clear winners.

The deal include many of the main bargaining goals sought by the union. Among the details:

"It's like instant relief. Just minutes ago we thought he was going on strike and now everything is settled just essentially," said Carl Morton, a full-time UPS driver speaking to CNN at the union's hall in Philadelphia on Tuesday. "I love it. I mean, I didn't want to go on strike."

The last two years are a clear lesson in the problems caused when supply chains don't work as planned: shortages and higher prices.

An estimate from Anderson Economic Group, a Michigan research firm with experiencing estimating the economic impact of strikes, said that even a 10-day strike at UPS would have cost the economy as much as $7.1 billion, with a $4.6 billion hit to businesses and consumers from the disrupted deliveries, as well as direct losses at UPS of $816 million, $1.1 billion in lost wages by Teamsters at the company, and additional costs to UPS suppliers and tax coffers.