Falkenhayn was generally far more lucid in his peace plans than Ludendorff. As much as I think Wilhelm is an unforgivable turd for agreeing to the sealed train decision, he wouldn't have allowed it if Germany's position wasn't completely dire.
I'd imagine in this scenario Bethman and Falkenhayn are strengthened and so are able to negotiate the settlement they often talked about in late 1916/early 1917. It wont be a white peace though, from what they often posited:
Return of German colonies
Military occupation of Belgium
Annexation of Luxembourg and Briey because of its industry.
Depending on how well the French cope after Verdun there may be a token amount of Alsace handed back to them.
In the East, without the revolution the annexations will be a lot less grand. Probably Poland, Lithuania, Courland, and maybe a rump Ukraine though that really depends.
Control of Romanian Oil Fields if they still join the war.
So in this settlement the Germans and CPs are holding on to pretty much everything they stand, plus maybe the Ukraine (which they aren't standing on), the end of Allied attacks, all their colonies back, the end of the blockade, their POWs in exchange for the Allies getting, what?
The remaining bulge of occupied France besides Briey, an end to German attacks on, and end to German attacks at sea and undersea with submarines, and the return of their POWs?
It doesn't seem very even to me, especially the gains in Ukraine. It is not quite a sweeping German knockout win, but a clear German victory on points, where they are ahead of the status quo ante bellum and status quo at that stage of the bellum. (Although, in 1917 international real estate prices, maybe retroceded northern France (Artois-Picardy) is higher priced than all German overseas colonies plus Ukraine.
I assume the "token amount of Alsace handed back" to the French is whatever sliver of ground the French grabbed in OTL 1914 that they are still standing on at the time of the ATL armistice.
This settlement also calls for quite uneven levels of sacrifice for Entente members.
Compared with *what they possess at the moment* Britain, South Africa, Australia, New Zealand, Japan and Russia all have territorial concessions to to make to the CPs in exchange for France redeeming territory north of Paris.
Compared with *what they had at the start of the war* Belgium (and presumably Serbia, and maybe Romania) lose biggest, Russia loses substantially, France gets an economically disadvantageous territorial exchange, and the British Empire and Japan lose nothing.