The upshot would be a Tibet that remains politically under the control of the Communist Party. It would not be a democracy or a multiparty system, but it would be able to preserve its character indefinitely as a distinctly Tibetan and Buddhist region, both inside and outside the formal Tibet Autonomous Region. And Tibet can be free only if it is first preserved.
For the Chinese, such an agreement would resolve the Tibet question and end an international embarrassment, as well as prevent the rise of protests and terrorism for decades to come.
Take a look.