One of my most perplexing of alternatives, it offers the greatest difference to not just the war or Europe but to modern history. And since it is more a British-wank than any other I can hardly imagine why it is not cheered for more. I have toyed with this one and never found a way to pursue it that doesn't get way, way off script.
First, I always look for the last POD I can to minimize the butterflies and would pick the Kaiser calling off the invasion of Belgium, shifting weight East. That discussion has been done many times and is still a great basis. Next, I would presume that in the first weeks only a small portion of troops can actually get shifted, the French stick to Joffre's plan, the Russians may pull off shifting an Army north from A-H to face the Germans, etc. That should minimize this war actually ending by end of 1914, leaving 1915 as a decisive year.
With the British sitting hostile neutral towards Germany, that should long term butterfly the Italians joining with France, staying a neutral. It should sideline the Ottomans too, but that gets dicier. Basically we see the Battle of the Frontiers take place, hopefully more on script with more withdraw, draw them into the box, envelope them, kill them from Germany. We have plenty of manpower, i doubt the Third Army moves so it can attempt a limited envelopment of the French, striking behind the 5th. Overall I think France does even worse in its offensive and shifts to the defense sooner, yet intending to resume the offense. Russia should still face a major defeat in East Prussia, likely worse as well, and gain no clear victory over A-H. This starts wanking A-H as it can move to an offensive footing, not face Italy, perhaps see no French intervention from Greece, etc. At bottom setting Germany and A-H for a difficult, still costly but winnable war through 1915.
Assuming we are still going to war through 1915, the French retain all their industry, Russia retains sea access to France and the world, both giving them more staying power than I think is granted, Germany does not face a true blockade, maybe a British boycott, but its sea trade can continue albeit perhaps reduced. If I really stretch it I can get the war into 1916. France and Russia have gold enough to finance themselves, likely gaining huge loans from London, transferring wealth there instead of New York, setting the UK up to deepen its financial hold, and with Germany no longer exporting, restore some industrial independence too.
I think we butterfly the Lenin led revolution, so no USSR as we know it, France eventually gets crushed or seeks terms, Russia seeks terms when Germany pushes to St Petersberg and has systematically dismantled the Russian field armies. Russia's economy should falter first, so the Czar calls it or someone brighter does.
Japan has not bothered the Germans in the Pacific or China, not starting the ball rolling, it will not see the USA as a rising threat, secure in its friendship with the UK it does not seek to realign with Russia or usurp Manchuria. This Japan stays a trading cog in the British sphere, Asia remains more under the European thumb, as will Africa and colonialism is barely hurt. London remains at the center of global finance, brokerage and trade, it will be strong enough to engage the Germans and return Europe to balance and recovery.
I do not see Germany demanding much territory, a few minor adjustments to the A-L borders, stealing the iron ore at Briey, better ground to push off the French, a few hundred square kilometers at best, instead Germany demands crippling cash indemnity, maybe some colonial bits but Britain can moderate that. Poland gets shuttled off to A-H, the Baltics get put under German rule, Finland goes independent within the German sphere, maybe, and maybe some bits of Ukraine get carved off to A-H. A-H gets to oppress Serbia forever. Nothing as grand as B-L or even the ambitions of a few dreamers.
All that should sound on par with a sober outlook, Germany spends a lot to win not enough, A-H comes out better, Britain comes out far better, France is worse for wear and Russia despite losing faces a brighter potential future, the rest of Europe has not been dragged into the fire. If I were to argue a downside, it would be a quicker end to the East, if the Czar can call for peace and leverage his friendship with Wilhelm, Russia can bow out in time to open the door for a realignment to become the breadbasket and raw material purveyor to Europe, specifically German and Austrian industry, if in there they get better politics and industry, then the British nightmare is born, Europe can fend without depending upon the Empire for materials or markets, sea power becomes far less pivotal and Russia can resume its appetite for China, the Middle East and even India. If you want a bogeyman it is still the Russians, with some democracy, more capitalism, investment from Germany, and its natural wealth, it can become the other global power, if it keeps German dominated Europe in its corner, it is the other super power in reality not on paper. That gives you the USA, who has money but perhaps no power, the British Empire and Europe, a three way split of things. Familiar enough to our current world really.