We study the quantum dynamics of a two-level system interacting with a quantized harmonic oscillator in the deep strong coupling regime (DSC) of the Jaynes-Cummings model, that is, when the coupling strength g is comparable or larger than the oscillator frequency ω (g/ω≳1). In this case, the rotating-wave approximation cannot be applied or treated perturbatively in general. We propose an intuitive and predictive physical frame to describe the DSC regime where photon number wave packets bounce back and forth along parity chains of the Hilbert space, while producing collapse and revivals of the initial population. We exemplify our physical frame with numerical and analytical considerations in the qubit population, photon statistics, and Wigner phase space.