Ok so what I'm being told,
It seems that Google will be following the same policy as Dropbox, once you reach the storage limit, if you are an enterprise standard or higher user with 5 or more users, they will increase storage upon request, but it will be up to the Google Team's discretion on how much storage you will get.
https://workspace.google.com/terms/user_features.html
please note: "Customers that have 5 or more End Users will receive a total amount of Google Drive storage equal to 5TB times the number of End Users, with more storage available at Google's discretion upon reasonable request to Google"
I was told that support confirmed that they can increase my storage and my case will be forwarded to a specialized/separate team to handle my case.
"I'll send a request now to this team to increase your drive storage, they'll be able to increase this kindly note that this team discretion of how much storage will provide you, and I'll follow up with you within 24 hours or sooner to tell you the exact storage that is given to you."
"I have successfully submitted to the team to increase your storage. They'll review you current storage and they'll increase it. In 24 hours or as soon it is applied to our Google Workspace account, I'll send you an email of how much exactly the additional storage Google provided you."
I will update this thread after its done.