No, Putin winning is not the more likely outcome.
The end of this war will result in some kind of partition of Ukraine.
"The response that we are getting from the NATO countries is that they are not ready to even discuss having us in NATO, not for the next period of five or 10 years. We are ready to discuss some non-NATO models. For example, there could be direct guarantees by different countries like the U.S., China, UK, maybe Germany and France. We are open to discussing such things in a broader circle, not only in bilateral discussions with Russia but also with other partners."
Source: Ukrainian negotiator David Arakhamia
www.reuters.com/world/europe/ukraine-open-discussing-non-nato-models-negotiator-tells-fox-news-2022-03-06/
And:
"I have cooled down regarding this question a long time ago after we understood that ... NATO is not prepared to accept Ukraine. The alliance is afraid of controversial things, and confrontation with Russia.
I'm talking about security guarantees.
[Donbas and Luhansk] have not been recognized by anyone but Russia, these pseudo republics. But we can discuss and find the compromise on how these territories will live on."
"What is important to me is how the people in those territories are going to live who want to be part of Ukraine, who in Ukraine will say that they want to have them in.
So the question is more difficult than simply acknowledging them.
"This is another ultimatum and we are not prepared for ultimatums. What needs to be done is for President Putin to start talking, start the dialogue instead of living in the informational bubble without oxygen."
Source: Ukrainian President Zelensky
www.france24.com/en/live-news/20220308-in-nod-to-russia-ukraine-says-no-longer-insisting-on-nato-membership
In other words, Ukraine wants a security guarantee agreement from the United States, United Kingdom, France and so on on a personal State to State level.
With zero involvement from NATO.
Zelensky also seems to be open to discussing the possibility of Ukrainian partition which is something I discussed on the previous page or two as the most likely outcome.
But partition is not easy or simple to do given both Russia and Ukraine will have a significant minority in either state who don't want to be part of one or the other.
So, it looks to me that Ukraine is talking about:
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Security guarantee for Ukrainian Security as a state similar to the Budapest Memorandum. But much more robust and binding on the West.
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Security guarantees for any Ukrainian minority who might yet find themselves living on the Russian side of the border in the east.
As I said, I see this ending in partition with a smaller Ukraine and slightly bigger Russia.