I leave the USA neutral.
Britain , Russia, France, Italy, Portugal, Greece, Romania, and Serbia all lose some or all of their territory and/or colonies.
Britain loses: Egypt, New Guinea, Uganda, Nigeria, Ghana, Malaysia, and Yemen.
France loses: All colonies except French Guyana and Madagascar. It also loses
some mainland to Germany.
Italy loses: all of its colonies, and parts of the mainland. (barely keeping Venice)
Russia/USSR loses: Poland, The Baltics, Transcaucasia, and Finland. (Finland is independent.)
Belgium and The Netherlands are absorbed by Germany, along with their colonies.
Portugal loses: everything except their mainland European territory.
Serbia, Montenegro, Albania, and Romania are absorbed By A-H.
Serbia loses: Macedonia.
Greece is absorbed by Bulgaria and The Ottoman Empire.
Now, the winner's gainings
Germany gains: The Baltics, Poland, New Guinea, Uganda, Belgium, The Netherlands, Nigeria, Ghana, Malaysia, Thailand, French West Africa, French Indochina, Kongo, Suriname, Indonesia, Switzerland, and parts of France.
A-H gains: Parts of Serbia, Montenegro, Romania, parts of Cambodia, Albania, Angola, parts of Italy, and Mozambique.
The Ottoman gains: Egypt, Libya, Tunisia, French Morocco, Saudi Arabia, Yemen, Iran, Eritrea, Ethiopia, Greece, and Somalia.
Bulgaria gains: Macedonia, parts of Greece, and Transcaucasia.