This becomes a giant slaughter pit.
Continuing this, I would expect Italy to side with the CP. They have further ambitions against the Ottomans and against Britain and France. This would probably prove crucial in France, which had to send some of its forces to the defense of the straits, and now will either have to weaken the deffense of Paris, or leave the south mostly to the Italians, neither of which is acceptable. Assuming Italy to enter somewhere at the beginning of 1916, I would not be surprised that the French would have to start negotiate peace by Summer. Meanwhile, the Germans, as well as the entire KUK army (now better organized and lead), as well as the Romanians and some Serbian and Greek units, are probably giving the Ruskies a proper beating. By the time the French are considering peace, Russia is likely pushed to the Dniepr in the south, and either Daugava or Narva in the north. The tsars regime is at the brink of utter disaster, and there seems to be no good way to win the war. The British meanwhile, have probably had successes, like capturing Crete, Libya, Italian East africa, and other outlining territories. However it is quite possible that it has suffered heavy losses against Italo-Austrian combined navies. They might also try a Galipoli style landing in Greece or Italy, but that would probably end veeery badly for them. The Ottomans meanwhile are actually not doing half-bad. While their army had probably not been most competent in Bulgaria, they have their entire territory under control, and their allies at least seem to be fully supporting them. There is a possibility that they might decide to do an Armenia style atrocity against Greeks, though with the allies so close, that might be avoided. Armenians are likely fine, considering that Russia is in theory an ally. Bulgaria is frankly screwed. Their country has heavily bled and is occupied.
As for CP, they are quite well off, though also have their own fair share of problems. The Germans are sucessfully advancing in Russia, France might soon fall, and their allies are actually doing good work. Everything is comng up Willhelm! (Aside from that arm of his). However, the Germans might be geting a little overstreched. If their forces are all the way in Estonia, the supply situation might be quite bad, and not alllow any further assault for some time. Also they have to deal with the ethnic mess they are occupying. The Austro-Hungarians are meanwhile having a time of they life, for the first time since..... early 1850's. They are actually having millitary success, and are once more considered a true Great power. Meanwhile, their sphere of influence controlls most of the Balkans, and a big chunk of Ukraine is occupied by their troops. They might have had to make some concessions to Italy and Romania (something thats probably making Franz Ferdinand going into very funny colours). Oh yes. Franzie is still kicking. He has probably by this point an almost emperor, keeping a cordial (reed: not threatening to tear them apart) position with the Hungariens, untill the war is done with, while also gathering more and more supporters for his ideas. Italy, while perhaps loosing for the moment part of their colonies, is having a grand old time in southern France. Serbians and Greeks have suceeded in their anti-Bulgaria objectives, but are having no luck against the straits. All the central powers are also probably starting to have some economicall problems, though perhaps not as harsh as OTL, while also being somewhat overstretched, and somewhat winning the war.
Frankly I would expect a pro-CP peace in late 1916, early 1917. While Britain and Ottomans might be fine to continue the war, France is near a millitary defeat, while Russia is near to an internal explosion. And if Russia and France fall, Ottomans are unlikely to hold. So a peace.