The peace treaty is being drawn out in London, Germany cannot force the British to concede much, but they have some very good cards to play. First, they hold some greater if not all of France, next they hold all of Belgium, and they have likely carved up Eastern Europe and gained some settlement with Russia that opens her food and raw materials to flow to Germany. The latter has reduced the blockade to ineffectual, if some American interference hasn't already. If Italy has fallen away another gap has opened, Britain no longer has a good lever save simply not trade with Germany and sweep the sea of all merchants bound for Europe.
So all of the French colonies are on the table after we offer all of Germany's prewar assets. This really upends the British strategic advantages so giving back German territory first should look to be all Britain will concede. Frankly at this point it matters little what the Dominions prefer or want, London will cut the best deal they can with giving away even more. And that is a blow to the confidence the Dominions, and Japan, place in London. As you scale back the magnitude of a CP "victory" towards a stalemate then the horse trading gets more stingy. At worst we might see Togo, East Africa and Kamerun alone returned, these were either not fully conquered or come out of the French bucket. Next would likely be the Pacific islands, then New Guinea, and lastly Tsingtao. After that we might see Belgian Congo, French Congo, French territory bordering Togo and so on. In this era trading colonies should be far more palatable than paying out in gold, leaving Belgium under German rule and leaving France divided and partly occupied, these folks are the cheap money of power politics.