From time to time I ponder a modern world with multiple powers rather than the two Super Power paradigm. When I do the points of departure seem to be pre-World War One and stretch back to before 1900, as well as some change to the Great War leaving us battered but surviving Imperial Germany. Until persuaded otherwise I do not see how Imperial Russia survives, its absolutism seems so deeply rooted that only something as radical as the Communist revolution could dislodge it, I see any constitutional monarchy as the slippery slope it became towards full revolution. So perhaps I depart from the thrust of the question posed but I can see a Europe with more surviving Monarchies. Assuming the USA stays out of WWI and perhaps also the British then it becomes a conflict between France/Russia on one side versus Germany/Austro-Hungary on the other with Italy falling away towards some form of neutrality, the UK a hostile neutral towards the Central Powers, and the Ottomans likely sitting it out a friendly neutral to the CP.
Assuming the Czar falls and Russia goes full up into revolution I would hope Germany sees the value in creating genuine buffer states out of the Baltic Republics, Finland and Poland if not also the Ukraine. Both Germany and AH have more troops to push Russia back and enough parity here to seek more compromises but I still suspect AH devolves as its internal pressures overwhelm the Hapsburgs. The Balkans still fight wars that shift boundaries but do not solve much. I can see Germany losing its colonies and getting ousted from China by Japan and if it accepts this fate then it becomes more like the USA in being an industrial exporter reliant on foreign markets, even more so reliant on imported materials, so it begins to see the anti-colonial path just as alluring as the USA did, oddly aligned with the emergent USSR cutting against the British and French Empires. Complicating things would be the desire to oppose Communism by the British, USA and Germans, while it gets sympathy from France.
Resting on that shaky pile of assumptions and glosses to get us into a world with more evenly balanced powers aligned across the spectrum and globe, I see the pressures being the USSR seeking to regain all its lost territory as it appears driven to do so in OTL, thus a Winter War, invasion of the Baltics, invasion of Poland, invasion of the independent Ukraine, etc., all preceded by revolutionary agitation. So perhaps an Eastern War with the USSR is inevitable, sparking off a sort of WWII, abetted by the Japanese lighting up Asia. Germany and the USA will clash over influence and markets in China and both Central and South America, yet tend to cooperate in breaking into the British and French Empires if they remain closed markets, both might see Japan as an enemy, the USA because of China, Germany because of its lost colonies. Japan might remain closer to the British, both likely clash with France, more so Japan in Indochina with China getting more aligned against France. The USSR supports more break away warlords in China leading to a lot of mistrust between it and the USA, likely also Japan if they hold Manchuria or aspire to more of China and possibly the British as they begin to renew fears of having Russia on India's doorstep. The Dutch remain estranged from the British and French, perhaps finding value in alliance with Germany to safeguard the East Indies against aggressive Japan. Once more the Europeans are bumping around in Asia.
As you can see my mind wheels around and around as the shifts keep coming, each move by one of these powers causing more shifts by the others, a game of five or seven way chess that gets wicked complicated, many opportunities for revolutions, insurgencies, brush fire wars, and so on until we get the odd stability of a multi-lateral nuclear armed world. At that point I try to assume they finally get serious about seeking peaceful avenues to resolve disputes, relieve pressures and avoid the likely global war that would be founded on all the same myriad of pressures that led us into the Great War where we began this adventure. It is a fascinating circle.