Under the agreement, Cruz will cede Oregon and New Mexico while Kasich will give up on Indiana.
Oregon and New Mexico have fifty-two delegates available, while Indiana has fifty-seven at stake. However, Oregon and New Mexico are both proportional while Indiana is winner-take-all. If Cruz does win Indiana, he would almost certainly walk away from this deal having gained more delegates than Kasich. Polls show Cruz narrowly behind Trump in the state.
Part of the campaigns’ thinking is that the calculus is now shifting to denying Trump as many delegates as they can, regardless of who recieves them. Delegates will be gradually unbound, most after the first ballot, after ballots of voting at the convention.
Kasich hopes his message of electability will be able to win over party-focused delegates while Cruz has had his delegates sign a loyalty oath. Kasich is mathematically eliminated from winning on the first ballot and Cruz would need to win every remaining delegate, so he is effectively eliminated.
Both are now planning for an open convention.
Trump for his part blasted the deal, first on Twitter and then in a statement. First, he called it delusion, pointing out that that is typically illegal. Then he said:
Because of me, everyone now sees that the Republican primary system is totally rigged. When two candidates who have no path to victory get together to stop a candidate who is expanding the party by millions of voters, (all of whom will drop out if I am not in the race) it is yet another example of everything that is wrong in Washington and our political system. This horrible act of desperation, from two campaigns who have totally failed, makes me even more determined, for the good of the Republican Party and our country, to prevail!