AS other s have stated previously it depends on when and how the CP Win.
Early in the War is highly unlikely..so a late 1918 victory is probably the most likely. Sometime in the Fall. Germany willhave had to make substantial commitements to the Western Front to get a defeat and fall of France or at least apostion where France/Britain are willing to go to the table. If its later Bulgaria and the Ottomans (October) will have folded and A-H is heading towards a disaster at Vittorio Veneto or something similiar. Even if that doesn't happen the best the A-H can hope for is a stalemate vs the Italians without outside help. Given a need to support one of its allies...Germany will probably send troops to A-H before the Ottoman's
So assume victory is early to mid Fall...September say..they come to the table. The American entry will have to have been delayed so they are officially still not at War or the French and British would not even be talking.
officially then the Ottoman's and Bulgarian's are still in the fight. Mesopotamia and the Levant are occupied however and Bulgaria is under severe pressure from Greece. The Italians and A-H are basically stalemated but A-H has not suffered its humiliating disaster yet. B-L will be a fait accompli for the CP Asif they Entente and CP are sitting down to talk...The Entente knows that short of prolonging the War there is nothing they can do to undo it. We are assuming of course that the situation on the Western Front is such that The French feel they must concede defeat, otherwise why would they be talking. Thus Germany has basically gained a very large prfitable "Empire by proxy" if you will in the East. This is also going to colour the French/Italian and British negotiators.
For the Germans and A-H and their allies, they all know they are at the end of their rope...and it will be some time before resources from the East can come into play to save them...I doubt they will be intransigient if there is a chance that peace can be had on terms acceptabe to all.
Starting in the Pacific...as it is the easiest...Japan gives back Pulau, Germany forgoes any recompense for the loss of the remaining Micronesian islands and Tsingtao ( Japan will be handing this back shortly anyway to China so what difference does it make, perhaps it returns to China as part of the peace as a compromise If Germany can't have the place then neither will Japan, it just hastens the process that occurred OTL)...both save face. France cedes New Caledonia if Australia and NZ insist on keeping their acquisitions ( Britain will restrain them from preventing the German occupation). Germany is in no position to push for anything beyond this in the Pacific and should count themselves lucky to get it as the RN and Anzacs and Japanese can basically make it impossible for them to retake their Pacific possesions if they want, with little or no effort expended on their part.
In Africa, Germany can get Tanganyika back, its been held for the shortest time. German gets Kamerun and Togo back. SW. Africa stays with S. Afr. Dahomey is given to Germany along with the the southern portions of Fr. Eq. Africa ( East of the Congo ) to compensate. Belgian Congo becomes a Franco-Belgian co-Protectorate. Germany can by Sp. Eq. Guinea later if they like.
On the Eastern Front. B-L is recognized.
In the Balkans...I am not sure where the fronts are at this point so I would think though the settlement if it comes will be on the basis of possession.
Bulgaria gets Serb Macedonia and southern Dobruja. Treaty of Bucharest is reaffirmed. Bosnia gets its independence (under a Hapsburg dynasty, there has to be someone to sit in Sarajevo, compromise to the allies). Serbia, Montenegro and Albania get pro A-H Governments and their Monarchs may change though that would be unlikely..
Middle East...Mesopotamia and the Levant is lost to the Ottoman's. Without prolonging the war there is no way to get those territories back. For AHP's benefit....If agreement is reached regarding the West...East...Balkan and Italian theaters....Germany and A-H will not prolong the war and risk American entry ( they will favour the Entente remember) and risk losing their gains for acres of Ottoman desert and swampland. The Ottoman's can be compensated with a sphere of Influence in the Caucasus perhaps ( both Cis and Trans). depending on how things transpire with the Russian revolution...all of Central Asia is open as well perhaps...but that would be open to debate at the time of the talks...so perhaps the Ottoman's can be persuaded to let go of the middle East for promised compensation and support later.
The Middle East gets divided as per OTL between France and Britain. Perhaps an adjustment of the Northern Persian border in favour of the Ottomans but not alot.
In the West...return to the pre-War borders. Minor reparations by France to Germany. Minor Reparations from Italy and Serbia to A-H. France may offer to trade some of their colonial possesions for the return of A-L (German protectorates in Morocco...the French Levant (the Br. won't like it but probably won't prolong the War over it, and may encourage the Ottoman's to get it back instead of having the German presence in the Eastern Med.) Other French possessions that could go for this are Madagascar, Ivory Coast and French Guinea ( Fr. Indochina perhaps....The Brits and Japanese would have reservations, but does strengthening the French in Europe aid them in the long run against an Imperial Germany that is increasingly over reaching its power projection capabilities). The Germans probably won't go for this at all. A-L is more valuable than any of these colonies from an Economic point of view and easily more defendable. They will probably counter with demands for the remainder of Lorraine just so they vacate France to dissuade the French once and for all of attaining the laughable goal of acquiring A-L at this point. France will counter by offering one of these colonies or perhaps French Guiana simply to have them drop that demand for the remainder of Lorraine and lessen its reparations. Lets say French Guinea, French Guiana and Madagascar and a protectorate over Morrokko then and the Imperial Germans will withdraw to prewar and settle for reduced reparations.
There that just leaves the Russian Civil War to deal with and insuring the
Ottoman's get their promised sphere of interest.
The Washington Treaty will see Imp. Germany as a major player on par with Japan at least, but perhaps on par with USN and RN itself. The whole dynamic there is going to change somewhat.
Aside from major reparations there is no reason theat the Germans and A-H cannot accept this proposal. Italy and A-H return to prewar btw...
Britain gets off lightly but still has huge war debts to the American banks keeps its Dominions relatively happy. Given a stronger presence for the CP Canada could get a role in the Carribean and eastern N.Atl. this time around similiar to that of S.Afr and Australia and N.Z. postwar. Borden pushed for it but was declined by London OTL. Here there will be more bargaining strength for him. By turning over responsibility for even some of the minor Carribean islands will free up some of Britain's resources for use elsewhere against Imp. Germany (likely West and East Africa).
France gets a reduced Empire centred on smaller holdings in the Caribbean, North Africa, the Levant, Ivory Coast and Sudanese West Africa, Djibouti and Fr. Indochina.
Italy loses it influence in Albania but thats about it.
The Ottoman's lose the Mid-East and Arabia but can hope for a new Empire of Influence in the Caucasus and perhaps Central Asia.
A-H survives for a while yet with a hegemony over the Balkan's, except Greece.
Germany gets alot of client's in Eastern Europe.