Assuming the curve represents the amount of people needing hospitalization; realistically, right now, even flattened, the peak will go above that capacity limit line, and everything inside the curve but above that line are the people who need the hospital but won't get it, so... dead people?
But hey, without the flattening, the number of dead will be a shitton, and they will come fast. Probably causing social panic. With the flattening (but still not enough capacity), there will be a few deaths a day but no "Holy fuck a whole Titanic's worth of people died today"...