The British Home Fleet and the German High Seas Fleet clashed briefly but destructively in the Battle of Jutland. As I look at the way the battle developed, I can see several ways where the two sides could have mauled each other much more severely. I'm visualizing a result where the bulk of the High Seas fleet still makes it back to base, but both sides lose several additional capital ships sunk or severely damaged.
What happens next? Pretty much the same course of the war and postwar? Or does the time-line spiral out in a different direction? One issue: If both Germany and Britain have weaker fleets, the US becomes relatively stronger. What does that do to the late war and postwar balances of naval power?