Assume Dunkirk was a disaster and all the BEF was captured, as expected. Then immediately Hitler made a peace offer to Britain in exchange to give back the prisoners.
Here are 2 possible scenarios:
1) Hitler makes a peace offer which is a White Peace, meaning the war just ends as it is with no side making demands other than returning captured prisoners.
2) Assuming peace offer 1 is rejected, Hitler offers to withdraw from Western Europe
What would be the outcome of each scenario? Would the British refuse both offers? If they accepted either of them, how would the rest of the war change?