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december 1916 the Central Powers made a "peace proposal" to the Entente. It was not worded cleverly and it also was (from Germany side - Charles of Austria was more favorable to peace now) not meant earnest.
Lets assume that the Central powers had really meant it and made an earnest try.
1916 had seen some of the biggest battles of the war
Verdun was a draw
Somme was a draw
Jutland was a draw
Battle of Kut (early 1916) was a British defeat (but not a deciding - named it just to show that the Osman empire was not defeated in 1916) - Gallipoli was also a defeat for the Entente
Brussilow offensive exhausted the Russian army (and led to the Revolution - in a way)
Romania entered the war and got defeated - leaving Russia with an even longer front.
unrestricted sub warfare was not jet implementen and the US still out of the war.
Lets assume the Germans rightfully saw that the UK was their enemy mainly because of the German fleet program (Jutland showed that the battle could not be won at sea). So what if Germany offered to Britain that Germany would restrict its fleet to 30-35% of the Royal Navy? I assume if Britain want peace the other Entente nations would follow (grudingly)
So my question is - given that there would be peace - what are the terms?
I think Germany and Austria would want to keep Poland (in a way) - I think they would settle for an "independent" Polish Kingdom - with an Hohenzollern (Habsburg?) prince as King.