The actual proposal can be read here. Among other details, $25 million will be given to a new "traditionalist" denomination over the next four years, local church congregations can decide whether to stay in the UMC or join a new denomination by 2024, and congregations that do leave will be able to take their church buildings with them.
The proposal will be voted on in May at the UMC General Conference. It currently has strong support from leaders of both sides of the split, perhaps because it is very clear compromise. In an opinion piece here, a Methodist pastor writes:
Even with much grace sown into this protocol, many will still find this latest step toward a split disheartening. Those fighting for the rights of LGBTQ persons will grieve a compromise they perceive as less than full affirmation from all sides. Those who stand for theological orthodoxy, meanwhile, will decry the fact that they have won all the votes at General Conference, only to end up exiled from the existing church.