@samv95256813 The new Enterprise Storage model will club all the cloud storage of the licenses under the organization, and the users can over-deploy the cloud assets.
For example: if you have 10 CC licenses will be 100 GB, so you will get 1000 GB in your console. If user A uses only 50 GB, then user B can use 150 GB or more.
You can check this link if you are looking for collaboration/sharing which is currently not available under the new storage model as well: https://community.adobe.com/t5/enterprise-teams-discussions/how-do-we-attached-our-cloud-files-to-a-team-and-not-individuals/m-p/13675291#M45360
It is going in a phased manner, and the admins will be notified once your console is ready for migration.
Kindly contact your Account Manager/Reseller if you would like to raise a request.