Does Teferi's Protection protect your permanents from being destroyed by board wipes?

Teferi's Protection does two key things: it gives you protection from everything until your next turn, and — critically for board wipes — it causes all permanents you control to phase out (CR 702.97). When a permanent phases out, it is treated as though it does not exist for most purposes (CR 702.97d).

Because phased-out permanents are not on the battlefield, a board wipe like Wrath of God or Doomskar simply cannot target or affect them when it resolves. They are invisible to the spell entirely. This is different from indestructible — phasing fully removes them from the game state temporarily.

The permanents phase back in at the beginning of your untap step on your next turn (CR 702.97f), and they return exactly as they left — same counters, same enchantments, same power/toughness. Nothing that happened while they were phased out affects them.

Example: Your opponent casts Cyclonic Rift for its overloaded cost. In response, you cast Teferi's Protection. All your permanents phase out. When Cyclonic Rift resolves, it finds no permanents you control on the battlefield, so none of them are bounced. They all phase back in safely at the start of your next untap step.

Note that Teferi's Protection itself goes to the graveyard after resolving — it is not among the phased-out permanents, since it is an instant on the stack, not a permanent you control.