What exactly will happen to Python 2.7 after 1/2020?

I understand that Python 2.7 will no longer be supported but what will actually happen? Does it mean that decision makers will delete the whole codebase for Python 2.7 and will leave Python 3.x only?

How does it happen that a version of programming language will cease to exist?

In March 2018, Python inventor Guido van Rossum remarked:

Let's not play games with semantics. The way I see the situation for2.7 is that EOL is January 1st, 2020, and there will be no updates, not even source-only security patches, after that date. Support (fromthe core devs, the PSF, and python.org) stops completely on that date.If you want support for 2.7 beyond that day you will have to pay acommercial vendor. Of course it's open source so people are alsowelcome to fork it. But the core devs have toiled long enough, and the2020 EOL date (an extension from the originally annouced 2015 EOL!)was announced with sufficient lead time and fanfare that I don't feelbad about stopping to support it at all.

Source: https://mail.python.org/pipermail/python-dev/2018-March/152348.html