It really takes a serious of Entente blunders for this to happen in 1914. To give you an example, it would take at least the Russians seriously messing up its mobilization schedule, the French losing an entire army and the BEF arriving months later to even a have a realistic chance. Most POD with a single serious Entente blunder only gives the Germans either the Marne in Central France or Calais, not both.
But to your question, if Paris falls by 1/1/1915, France is effectively out of the war and the Entente lose. France has lost well over 25% of its population, it main industrial center, its RR hub, and its capital. Italy will never enter the war. Depending on if your POD help A-H do better in Galicia, we get two broad scenarios. If A-H is still struggling, German will turn east in 1915 and keep driving until Russia is out of the war. If the Russian front is stable, Germany will focus on taking the rest of France which it will be able to do.
If I had to place a bet, I would go with Paris falling in 1914 means serious peace negotiations in 1915 and war is over by Christmas of 1915. Germany imposes harsh terms on France but gives Paris back to the French. Germany gets client states in east and maybe some annexations. A-H can be all over the place in what happens. The UK will have a large professional army after the war because France will be crippled. The colonial picture can go a lot of ways, but I would have German as net gainer of colonies and France losing colonies. UK will keep all its colonies and gain some Pacific colonies. So will Japan.