The wolves eat the deer. The deer population collapses to the point that the food supply for the wolves cannot support the wolves. The wolves starve and the wolf population collapses. Without pressure from the wolves, the deer make a comeback and flourish.
The population cycles occur in both large and small ecosystems. The process is slow and steady. Often it seems like the embers of life have gone out. However, something always comes back from the ashes.
Humans are just another animal in the food chain.