If put up as suggested? Well, the Triple Alliance would be in a better position than the CP was IOTL (Though, how much depends on just how deep into the Tripolitanian tar baby Italy is; IE how much military resources she's lost in the failed offensive and how many are going to get stranded when the Franco-British navy steps to isolate them). Most likely, in the opening months the Italians get their teeth kicked in as their economy screeches to a halt due to the cut-off of imports from the West, their navy is chased from the main Med. (The Adriatic would still be safe), and their army, caught off-formation to defend, is hammered on its Western border by the French. Exactly what happens next would depend alot on French and German decision-making as well as well as the decisions of the Balkan League (This is pre-Balkan Wars). Given the alliance has ambitions in both the Ottoman and Austrian directions, they could turn their armies either way (Serbia and Greece seem far more liable to lean towards the Entente, while I imagine Bulgaria will want to attack the Turks... you might see a rift form in the League. Romania, however, can likely be convinced to jump in on the Entente side easy enough, with the Russian regeime being more than willing to sell them arms as well as being supplied via the Dardanelles). If the French from early successes determine that they can knock Italy out of the war quickly, they could very well adopt a more defensive stance against the Germans, while Germany is going to have to decide if they're going to push directly out of E-L or try to flank through Belgium.