Actually, I've never quite bought into that part of the "received wisdom".
The Germans actually had a path that could, possibly likely would, had changed that dynamic. It is something that a savvy planning General Staff should have twigged to early on (the WAllies managed a version of it before the war even started). The Soviets 1st.
They needed to ask one question - After the flash knockout of France what country present an existential danger to the Reich? Only one reasonable answer exists, the USSR. The UK was on its heels and had no reasonable prospect of engaging the Reich in anything other than a few commando raids and what was, at the time, quite ineffective bombing. The Reich should have very publicly and loudly, especially in the United States and Canada (were were effectively, then as now, two separate countries that shared one media market, with U.S. radio stations and newspapers almost as available in Toronto as in Buffalo or as in Ottawa as in Erie, PA. or in Vancouver as in Seattle) proclaimed that they were immediately and unilaterally declaring a bombing holiday, with the only exceptions being in response to RAF attacks on civilian targets, and the end of all attacks on civilian shipping in the North Atlantic.
""The German People have no historic argument with our British cousins. We understand that His Majesty's Government* was honor bound to fulfill its obligations to the Polish and French Governments, honor demanded no less, but that fight is at an end. France and Poland have signed Peace Treaties with the German Reich. We offer an end to the war, without any territorial or monetary claims against the United Kingdom."
Goebbels was a special kind of bastard, in some ways worse than Goring, perhaps even Himmler (who, at least, didn't murder his own children to "save them from a world without National Socialism"), but he was, early on, fairly effective as a propagandist. In 1940 there was no particular desire by the American electorate to engage in another European War. The population of the UK was in full "in the fields" mode, but that was because of the Blitz, the U-Boats, and the Western Desert. Those realities were there to exploit.
Would it absolutely have worked? Possibly not, but it is lot easier to accept that there is nothing to come "but blood, toil, tears, and sweat" when the enemy is bombing you, when rationing is happening because so little is getting through the U-boats, and "we have to support our boys" than when the only time German planes appear is after the RAF bombs civilians "quite dastardly, don't you think?" and the only ships being lost is the odd destroyer.
Goes double for the U.S. "Why the Hell is that our Fight?" Isolationism was still a thing in 1940, not as strong as before, but a thing. The way the Nazi's handled France IOTL would play very nicely in this scenario "well, sure they are occupying Paris, but half the country is back under French rule already, and the President there is a WWI war hero who fought alongside Black Jack Pershing!". Country that was on most of the American electorate's radar, if any, was Japan thanks to what they were doing in China.
Even if the ploy failed, it wouldn't really cost the Reich much.
*I know that is the right term, by it really just LOOKS wrong, ya' know?