How does "Keep the size of the backup to more than..." really work?

I have a file backup job that backs up about 2 TB of files to a 3TB drive.
I prefer to use incremental method.
I am concerned about filling up the drive, especially if I periodically (re)create a full version say after 30 incremental ones.
In order to not run out of space, I'd like to use the option to limit the size of the backups to "3TB" -- but how does this really work? The documentation does not say anything about the details. What is being deleted and when in order to not go over the limit? Is there any technical documentation on this?
I want to ensure I have this configured correctly and know what to expect!

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In reply to David, welcome to these user… by FtrPilot

Thanks for you answer. I get that I will need a bigger disk. I will do that.
Can I infer from your answer that limiting the space happens because after a full backup, if you are over the limit, it will delete the oldest full backup (and subsequent incrementals)?
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David, as referenced by Randy (FtrPilot), the ATI 2018 User Guide: Custom schemes covers this cleanup option and states the following:
- Keep size of the backup no more than [defined size] - Select this option to limit maximum size of the backup. After creating a new backup version, the program checks whether the total backup size exceeds the specified value. If it's true, the oldest backup version will be deleted.
So, yes, if you have backups that add up to more than the size set, ATI will start deleting the oldest backup version chain files, i.e. the oldest Full backup and any associated incremental or different files that have the same backup scheme identifier, e.g. _b1_
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