The U.K. election exit poll is out. And if it holds true, it's not good news for Prime Minister Theresa May.

After all, the exit poll suggests May's Conservatives will lose 16 seats from their 2015 result and end up with 314 Members of Parliament. That would mean a lost majority and the prospect of a minority government. It would be a stunning loss for Theresa May and a major win for Jeremy Corbyn.

But with the first results start coming in over the next couple of hours, we won't have to wait long to find out.

Regardless, let's say the Conservatives do end up with no governing majority. What would that mean?

Well, for one, some very tough deal making. If the Conservatives could persuade the Liberal Democrats (now forecast to win 14 seats) to join a coalition government, assuming that conservative-leaning parties from Northern Ireland also joined up, they might cobble together an effective majority. But that's a big "might." Liberal Democrat leader Tim Farron has openly stated he won't cut a deal to join a Conservative-led coalition. At the same time, Theresa May's position as party leader would be in question. She would face immediate calls to resign from dejected Conservative MPs.

Even then, Jeremy Corbyn is still highly unlikely to end up in Downing Street. That's because in order to do so, he would need the support of every other party — including the Scottish nationalists — to achieve a majority coalition.

There's one more possibility, however.

If no party can form a functioning government, then Theresa May will probably call another election. She entered this election seeking a majority that could consolidate her leadership as she negotiates the parameters of Brexit. This exit poll definitely wouldn't reflect that.

Anyway, we'll know soon enough ...