Ukraine would agree not to militarily contest those areas and would basically give up the ability to call on NATO in respect to them.

In return they'd have NATO troops, actual British, French, and German troops on the border of what is NATO daring Russia to do anything else. If it was anyone other than Trump in the White House the US would put a base in Ukraine and maintain an entire armored brigade in the area.

Kind of like China in the Korean War. Except we'd be getting a cease fire first instead of second.

That’s how I interpret it.

Not unless Ukraine diplomatically gets it back from Russia, rather than through fighting, which is unlikely. It would effectively be Russian territory at that point.

It would be part of the negotiations, so the most likely way it will work is that to cease hostilities, they agree on a line on the map and everything left of the line is NATO. Anything short of that would mean Putin crosses the line in a few years.

Then negotiate with Russia about returning occupied territories in exchange for... Lifting sanctions, returning cash, trade agreements, whatever.