It depends on how the sinking of the Lusitania is averted. Simply having it make that voyage safely would probably result in it sinking on a different voyage or some other similar ship sinking from unrestricted submarine warfare. For the purposes of making this interesting let's assume that the Germans either don't start USW or if they do start it they stop before any major loss of American life. Yes, averting this and the Zimmerman telegram would keep the USA from directly entering the war. It's possible the French mutinies would be worse, but it should be noted the mutinies weren't so much about uprising or abandoning the trenches; they were more about refusing to keep charging into no man's land. So even though news of American entry helped calm them down, they'd have to get worse, not simply deteriorate for a CP victory. This could happen with the spring offensive if there's no news of American entry to boost morale, but it's not certain.
Note if the reason for the lack of unrestricted submarine warfare is a lack of American weapons/munitions sales to the Entente, either from a neutrality law embargoing arms shipments or a ban on loans to belligerents, then the best the Entente can get is a negotiated peace.