Well, the Germans had no real bargaining position in 1919... Germany could conceivably have been completely demilitarised and broken down into something of a rump state (or even, as others have mentioned, divided completely)- with an independent Rhineland, Bavaria etc. and slightly greater territorial transfers to France, Belgium and Poland.
It is possible- perhaps likely, that the Germans will initially reject such a treaty (and, I stress, it would require a lot of willpower from the Allies which they did not neccessarily have in the late 1910s/ early 1920s) but, at the end of the day, they will have to settle sooner or later.