No flag and no anthem played if an OAR athlete wins. Definitely an interesting alternative to a blanket ban on Russian athletes. Given the statements made by Russian sports officials already, they definitely consider it a major insult.
Putin has spent serious cash building up Russia in international sports, so will be fun to see his official reaction and decision tomorrow on how he plans to handle it. He most assuredly will take it as a slap in the face, would be surprised if Putin didn't announce something retaliatory in response.