There are four possible outcomes....the fifth a Putin victory where he replaces the Ukrainian government with a friendly one that takes control of the Ukraine is almost gone (it requires taking out Zelensky and there being no viable replacement that steps up for the Ukrainian government). One, there is a negotiated offramp which by definition will involve some concessions from Ukraine. Two, a prolonged occupation of all or part of the country (partitioned) with a war that goes on for months if not years including an insurgency in the Russian held areas. Three, Putin is overthrown and Russia leaves with minimal concessions. Four, an escalation which brings the West and Russia into direct conflict and on brink of nuclear exchange.
Time is not on Putin's side. The Russian economy has only begun its collapse and its going to get to Great Depression levels there. The body bags are going to begin to flow back. And with time every day he's spending billions of dollars to keep the offensive going while the Ukrainian side can replace its much less extensive materials from the west. The longer this goes on options 1 and 2 become less likely and 3 and 4 become more likely.
Yea I agree with your assessment, although I don't know that this going to nuclear war is realistic. Putin can bloviate, but the reality is he's dependent on Chinese investment to keep his economy going. And from a the new found unity of the Western Powers to the potential of a worldwide recession that could threaten Xi's hold on power... I see very few positives in all of this from the perspective of the Chinese. Especially if Putin starts seriously talking about nuking China's customer base.

Russian Mothers Say Their Sons Sent to Ukraine as 'Cannon Fodder'
"We were all deceived, all deceived. They were sent there as cannon fodder. They are young. They were unprepared," one Russian mother said.
