Yup, things look really grim for the Entente as of now. You'll be hearing a lot about the French mutinies soon.The entente without Italy to draw off AH troops and without Romania to draw off Bulgarian and AH troops, wow that is going to hurt them. Bulgaria gets to go full force at Greece which is going to need British and French reinforcements to keep fighting which in turn draws forces away from the Ottomans.
For now Romania is neutral, but yes, they will take a bit of Russian territory once the Russian Revolution begins.Russia facing more AH troops means more losses and what sounds like a failed offensive which is going to devastate morale. Actually if AH and Germany are pushing the Russians back would Romania try to join the CP in for gaining Bessarabia?
I'm still toying around with ideas relating to BL so I can't really comment on that.Now if Russia negotiates either before or after the revolution they may end up better as BL was not the initial negotiation point for the Germans.
I will say that AH will be pressured by the Germans to hold in their side of the bargain, otherwise I'm not gonna say much about what Italy will be up to soon because spoilers.Taking in consideration that everyone in Rome know that A-H word and assurance regarding any territorial cession was basically worthless, it will be very interesting...Wien refusal to uphold the agreement can start a conflict and frankly i doubt that A-H will be in a good shape by 1920. On the plus side, Italy had more time to modernize the army and to pacify Libya, maybe even some inroad in Ethiopia if the civil war there start in 1916 as OTL