However, given that Italy entered in 1915, it's possible that she might join and yet the result still be a CP late victory. However, in this case, I think it would be difficult for the CP to press hard terms on Italy, given that the focus would be on France and Russia, and Austria-Hungary, the primary beneficiary, would be on the verge of collapse. At best for Italy, expect a white peace. At worst, some reparations, a minor adjustment of the border in favor of Austria-Hungary, some military limitations. Austria-Hungary won't be much in a position to enforce the last, however, and Germany really lacks the interest.