It goes like this:
1. Japan initially stays neutral
2. Russian Adm. Essen attacks the Swedish fleet
3. German Asiatic Squadron still makes a run for it, defeats the RN squadron off the Falklands after achieving surprise, but heads to Buenos Aires for repairs
4. Initial battles in Europe (Frontiers, Marne, Galicia, Cer, Masurian Lakes, Race to the Sea) go as OTL
5. After 'The Race to the Sea' is concluded, everyone colored on the above map who wasn't involved at this point IOTL joins the war. Motivations for the various nations can be thought up (e.g. Chilean-Argentinian rivalry, now with added German battle fleet), and can be fun, but are not the core issue here. Rather, given the correlation of forces, who would win? Entente, who's gotten two medium-sized European militaries (Italy & Romania) much earlier, or the CP, who now have a bunch of friends worldwide?