The big difference is here the Entente are not likely capable of a war winning offensive. That is the difference the US made and that is huge. Now I understand that many folks refuse to accept the evidence the German Army was defeated on the battlefield. It happened but the Stab-In-The-Back myth has been repeated so many times. The thing is successful offesnives do typically rely on massive disparities in combat power. That is what the US provided.
Quite. And (absent America) the Entente needs a "winning offensive" in a way that the CPs don't. The latter are standing deep in Entente territory, so only need to hang on to what they have in order to go into any peace conference with a tremendous advantage. [1]All they have to do is "hang in" until British and French soldiers become convinced that they are never going to break through, and their morale starts slipping.
Even if Germany does opt for an offensive, it won't necessarily take anything like the same form as OTL's. Much of what Ludendorff did was governed by his sense of "racing against the clock" due to the imminent arrival of US troops.
[1] In 1916 Field Marshall Robertson expressed concern on this very point, observing that Britain might find herself going into a Conference "with Togoland as our only bargaining counter".
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