The scenario I could see coming: Putin digs in at Kherson and elsewhere, declares the territory to be his and the ‘special military operation’ over. Then if Ukraine keeps attacking, he’ll then claim that they are the aggressors and they are attacking Russian soil. Don’t count out the possibility of a false flag dam destruction by Russia to make everything worse.
In the meantime, Europe could run out of gas, and if that happens or anything close to it, there will be a lot of protests against the war. Putin will be happy to seed those protests and amplify them.
If the people in Europe are protesting because they are cold and hungry, and Southeastern Ukraine turns into a quagmire that doesn’t see any progress on either side, calls for a negotiated peace will get very loud.
I’m split on the fate of Crimea. By now it has been cleansed of troublesome Ukrainians and populated by Russians. It’s probably heavily defended. Attacking Crimea would open up a whole new front to the war. I don’t know how that ends, but it would certainly add to Putin’s claims that the Ukrainians’ aggression in Crimea is proof that the original war was correct and inevitable, so not his fault. But if he loses Crimea I don’t think he survives, so we would be backing a man with thousands of nukes into a corner. It’s a dangerous move.
I think we’d all like to see Russia spanked hard, completely ejected from Ukraine including the Donbas and Crimea, and forced to pay reparations. Whether we can achieve that without losing a few cities is another question. At some point, hard decisions have to be made.