Guys take a step down from argueing and look at the question from a distance and include all facts.
1. no US entry - all the same up to this point of time except Zimmerman (the premise itself is abit asb, but...)
I tend to look at this in three ways
A - the military situation
B - the economic situation
C - the political situation
A is easiest.
During April - that is after OTLS US entry - the Entente attacked (Arras, Nivelle) the latter led to the mutinies. I tend to lean to the Mutinies being a "no offensive, but full defense" thing. With no hope of US troops reliefing the french the military situation of the French will be (slightly) worse comapred to OTL in 1917. But overall the military situation won't change (much) in 1917, so I assume all goes (roughly) as OTL.
B - well - most of the discussion so far has been about this topic.
I tend to disagree with most said so far.
loans - they won't dry up immediately,
As some have noticed correctly the US economy is dependent (sort of) on exports. So US firms will continue to sell to the Entente nations. But without the US being in the war the CONDITIONS of those sales (and loans) will be worse than those of OTL, so in the mid to long run the supply situation will deteriorate over time. Much equipment of otls AEF was French made, so one source on US dollars could be the selling of French made equipment to an US that is arming its army (seeing maybe that its army is too small).
What happens after the war is something different. Will the Entente nation be able to repay their loans, or will they default? Will a default drag down the US economy? IF yes - how far?...
C - I see two potential developments
A - the US manages to broker a (near white) peace
B - nothing happens and the war drags on into 1918
THE interesting question will be - do the reds stall the negotiations at Brest-Litovsk as they did OTL - I think the furthjer development depends on this.
DID the Reds stall because they knew the US would come, if so Brets Litovsk might be a treaty shaped before OTL Faustschlag took place. That is the CPs gain a few weeks compared to OTL, or do the Reds stall even if the US does NOT come?