This is basically what if I was in charge of handling what to do with the Central Powers and other subsequent events.
Germany:
Reparations: Far more reasonable than in OTL, following more closely to to what John Maynard Keynes said at just an estimated few million £'s.
Territorial Changes: Colonies of Germany would be given to the same nations as in OTL. Denmark still gets the same part of Schleswig-Holstein the same way with a plebiscite. France would still get Alsace-Lorraine but after a year the area would be divided by language between the two nations.
Belgium would not get any land from Germany. Poland would get most of Possen like in OTL but not a passage to sea. Poland would also receive the areas of Silesia they given in OTL.
Military Restrictions: Germany's army is reduced to a size to defend itself. The airforce would almost be also be reduced to a size for self defense. The Navy would also be restricted almost non existent.
Austria-Hungary:
Territorial Changes: Bosnia and the southern bit of the Dalmatia province are given to Serbia. Italy is given the Italian speaking areas of Austria-Hungary. Polish and Ukranian areas of Galicia and Hungary are ceded to the respective nations.
Inner Border Changes: What is left of Austria-Hungary is re-organized to look like Franz Ferdinand's proposal for the United States of Greater Austria with boundaries drawn on ethnic lines, but the name is changed to the Danube Federation.
Other Notes: If the Federation where to dissolve it is the right of any state in the Federation to choose what they'll do such as staying independent, join an already existing nation or form a new nation with other member states.
Bulgaria:
Basically the same thing as in OTL.
Ottoman Empire:
Territorial Changes: Enforce the Treaty of Sevres but the Kurdish areas of Iraq and Syria are also granted independence, the Pontus area is granted independence and is annexed by Greece along with the coastal territories on the Aegean and the Straits Zone as well.
Other Changes:
I would aid Poland in the Polish-Soviet War and help them form the Intermarium.
Aid the British in the Irish War for Independence and the Irish Civil War to establish a stronger Dominion government in Ireland.
Map of Europe 1929
How will these changes affect the course of history? We'll see.
EDIT: Changed up the border slightly between Turkey and Greece and fix the mistake of accidentally putting the Dodecanese under Greece control instead of Italy. Changed Ireland's fate to a stronger dominion government.