A peace before the end of 1914 could reinforce the dangerous belief that modern wars can be short. Germany might face naval restrictions resembling those later imposed at Versailles without all the punitive measures produced by four years of fighting. The United States would not enter the war, and there might be no League of Nations in its historical form. The pressures on the Ottoman Empire and the wider international order would also develop differently over the following decades. These remain open consequences of an early settlement rather than certainties.
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A 1914 peace with different consequences
Consider the wider consequences if a naval defeat helped end World War I before the end of 1914.