Existing music library (from CD's) larger than iCloud storage limit

I am new to Apple Music. I have a large offline music library (lager than my 200GB iCloud storage limit). I currently manually manage the music files I load to my iPhone & iPad. I have a large number of playlists (the music in the playlists is larger than my cloud storage limit). What will happen if I try and sync my music library? Will all of my playlists, & songs (from CD's) be available on all of my devices? If so how does that happen when the storage on the iPhone & iPad is not large enough to fit the library?

Thanks

Bill