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Could someone please explain the deal the EU just made with Turkey?

The EU just cut a deal with Turkey, hoping to ease the biggest migrant crisis since the second world war. As I understand it, the EU will send any illegal migrant that entered Greece back to Turkey in exchange for another migrant with a valid reason to head to Europe. Basically, we are trading a refugee that can be denied entry, for one we cannot expel. Somehow this is going to reduce the migration to the EU. For enforcing this fundamentally flawed policy Turkey receives 3 billion euro in compensations and is promised an accelerated step in its membership process to join the EU, which will erase the border it is paid to enforce. Just 13 days ago, we were discussing how Turkey does not meet EU membership criteria. Right after this agreement President Erdogan started ridiculing the EU approach to Kurds and migrants. What am I missing here?