What could be the impact of a weaker Entente? Probably the pro-german faction in Spain could make them to move against France and Britain. What about SWeden? Could they feel tempted to recover Finland? The Netherlands?
Good question. Let's examine the main European neutrals:
Romania: surely neutral, likely CP with a 1914 CP Italy. Still possible but unlikely (would require very good Entente diplomacy and painful Russian concessions, which however they might do, they are losing) in 1915 CP Italy. Oterhwise, likely neutral, possibly CP if the Quadruple Alliance makes decent diplomacy and makes worthwhile promises abour Russian territory(Bessarabia, Odessa). Impact of neutrality: the CP don't have to waste a season vanquishing it, so the timetable to Russian collapse gets advanced that much time. Impact of CP entry: the added Romanian manpower and continous CP front from the Baltic to the Black Sea gives the CP unrestricted access to Ukraine, which they likely gain at the same time they conquest Poland, Lithuania-Latvia, and Bielorussia. The collapse of Russia gets accelerated by six months or more.
Grecia: CP Italy spells speedy and complete destruction for Serbia and her Army, which will be backstabbed by an Italian expeditionary corps from Albania-Montenegro and denied any possible retreat. Therefore, no Entente Salonika expedition, and Greece will not divined between a pro-CP Athens government and a pro-Entente Salonika government. Being completely surrounded by CP troops, and with Entente fleets havign rather less of a free rein in the Mediterranean, either it stays a quite CP-friendly nominal neutral, or it enters for the CP. Since the impact of the Greek military will be limited (Serbia is already out or soon to be), the main effect is that the Mediterranean is even less friendly to Entente fleets, with Grrek ports for the CP Navies. Also the Ottomans have more troops to spare for the Caucasus.
Sweden: and here we have the other medium power most ready to help, and most beneficial, for the CP (even more so than Romania). It had a very pro-German King and Amry, the problem was the pacifist Socialist Diet. CP Sweden actually has two different PoDs, one early and one late, like Italy. The first one, and indepedent from Italy, is that at the onset of the war, there was this rogue Russian Commander of the Baltic Fleet that on his own initiative sailed to oust the Swedish Fleet of its base, fearing its committment to Germay. Had not him be recalled at the last minute, the resulting naval battle would have skyrocketed the Diet in war against Russia. Otherwise, with some good Entente defeats, had Germany made promises to Sweden about influence (e.g. a personal union) in Finland, and a public committment to Finnish independence, with some good political maneuvering (e.g. a pro-CP Finnish government-in-exile, which makes a public appeal to Scandinavian solidarity) Sweden could have made a late entry in the war. Impact of CP Sweden: the Russians are forced to redeploy substantial troops on the Swedish border to protect Finland and indirectly St. Petersburg. The CPs will have near-complete control of the Baltic, so combined German-Swedish landings in southwestern Finland become quite feasible, which will encircle Russian troops on the border (the railways were on the Finnish coast) and draw ever more troops to cover the dire threat to St. Petersburg. Yet another major front for the Russians. This accelerates their collapse six months to a year, more so if Romania is neutral or CP. Finnish insurrection against the Russians becomes a likely outcome to some point (probably after the landings).
Besides, and this is less likely but theoretically feasible, the German-Swedish could organize a land expedition to cut the Archangelesk railway. The logistics are very bad but theoretically feasible from the Swedish border. This would only leave the Russians the Persia route to receive Entente supplies (and troops). The Ottomans could make a renewed effort from Mesopotamia to cut this route and they might be successful (not terribly likely, more so if they get Allies help). This would only leave the terribly long Transsiberian route.
Theoretically, the British could try and counter CP Sweden by luring Norway to their side. However, it is rather questionable that Norway, despite het British sympathies, would accept to betray Scandinavian solidarity this way when they have no claim or grievance against Sweden. It is more likely (especialy with Churchill in the government) that the UK would invade Norway as they almost did in 1940, but the most likely outcome is that Norwegians would fiercely resist, like Belgians, and turn British advance into a snail pace, enough for German and Swedish troops to rush to the rescue. The front would stabilize somewhere in Norway, Danemark would jump to the CP, and the net probable result would be that part but not all of the Swedish pressure on the Russians would be relieved. It is rather more probable that any British troops used this way would have been more useful shoring up the French (if they are still fighting by this point) or the Russians.
Spain: well, they are rather unlikely to enter, even with a perceivably weak Entente, they suffered a defeat in 1898 which sapped the fighting spirits of the country for a generation. They might go if France looks really weak and the CP makes really good promises (French Morocco, French Navarre, Perpignan, Gibraltar, Portugal) but they have the problem of a British satellite Portugal on their back, so at least part of their army will have to be used to protect against a British invasion from Portugal and/or landings (IF the British have the manpower to spare, questionable ITTL), which would likely force Germans and Italians to send some troops to aid. Questionable whether the Spanish Army giving yet another front to the French is the straw that breaks the French camel's back, or an easy advance for the overstretched Anglo-French which would require quick CP relief to deny the Entente the Spanish ports. Probably, the best contribution Spain could give to the CP is quietely allowing an Italo-German mountain expeditionary corps to take Gibraltar by land and deny the Mediterranean to the Entente. This is safest to do if France has already fallen, but yields less definite benefits (without the French Navy, the British will give up the Mediterranean almost entirely).
Netherlands: well, this another neutral rather unlikely to enter. With the exception of the Germans going Russia First and France performing a reverse Schliffen (which would have however huge repercussions, since this would make Britain CP). Otherwise, they might have some CP sympathies, but German invasion of Belgium would dampen them a lot. Not estinguish them entirely (see Dtuch refusal to hand William II over), however. Possibly a CP entry if the Entente looks like clearly losing and Gemrany makes them very good promises (Belgian and French Flanders). However, the benefits for Germany of a Dutch alliance are more than neutralized by the harm of losing its neutrality: alliance means strategic depth in Belgium (only really useful during Schliffen, although, and for making Schliffen successful CP Italy will be ever much more effective than CP Netherlands might ever be) and Dutch ports (not really useful unless they break British blockade, by such a case they are already well on the way to defeat them anyway), but they lose Netherlands as a residual gateway for their commerce, and make British bolocakde even more tight.