That means that Republicans will control at least 50 seats in the incoming Senate, out of 100 total, assuming Republican incumbents Sens. Thom Tillis (NC) and Dan Sullivan (AK) keep their seats, as seems likely. Both of Georgias Senate seats are likely to be decided in runoff elections in January.
Wins in North Carolina and Georgia would give Republicans the Senate majority something they would hold only because Congresss upper house is malapportioned to give small states like Wyoming exactly as many senators as large states like California, even though California has more than 68 times as many people as Wyoming.
In the incoming Senate, Democratic senators will represent at least 20,314,962 more people than their Republican counterparts and thats if we assume that Republicans win both runoff elections in Georgia. If the two Georgia seats go to the Democrats, the Senate will be split 50-50, but the Democratic half will represent 41,549,808 more people than the Republican half.
I derived these numbers using 2019 population estimates by the United States Census Bureau. In states where both senators caucus with the same party, I allocated the states entire population to that party. In states where the Senate delegation is split, I allocated half of the states population to each party. Although Sens. Bernie Sanders (I-VT) and Angus King (I-ME) identify as independent, both Sanders and King caucus with Democrats. So I coded them as Democratic senators.
https://www.vox.com/2020/11/6/21550979/senate-malapportionment-20-million-democrats-republicans-supreme-court
Bolding is mine.
Edit - Added a second bolding.