A lot of talk from warfare/strategy experts now that the battle for Kiev is essentially over and Ukraine has won it.
Lots more detail for the implications for that in this thread, especially around why they can't just regroup/resupply and try again, and what that means for Ukraine's negotiating position, and a quicker end to the war than some predicted (weeks and months rather than months and years).
My feeling is that there will probably be some kind of concession to Donbass/Luhansk independence, possibly via a referendum, constitutionally enshrined neutrality, so no NATO membership, though future EU membership will be on the table.
Russia has clearly lost any ability to either take Kiev and enforce regime change, or even cut Ukraine off from the sea by taking Odessa.
I think the question will end up being how humiliating the agreement ends up being for Russia, and the consequences for Putin's leadership. Giving Zelenskyy the power to agree and end to western sanctions could be the final nail in the coffin of Russia's ability to negotiate a favourable outcome for themselves.
I could be wrong obviously, especially if Putin decides to dig in in the East, arming and supporting separatist militias, with or without the direct support of the Russian military.