I disagree that there can't be a clear winner, even if it ends up with a divided Ukraine. My analysis...

Before we get to the end of the war, the US will officially have troops supporting Ukraine on the ground (we're already doing it unofficially), and NATO (probably Poland) will have troops in Western Ukraine.

The EU (where I live) will be economically decimated, particularly Germany. The world will see that Russia is fighting NATO / US to a standstill. US weapons will be seen as on par or inferior to Russia's. The Petrodollar will take another drop in value. NATO will be shakier than ever. BRICS+ will be stronger than ever.

In summary: Russia will have achieved a multipolar world that hasn't existed since the collapse of the USSR.

Since the US MIC only thinks in zero-sum terms, my fear is that the US will continue to escalate as they've done the entire war - while still not winning - to the point of a tactical nuke or another blatant false flag like Nordstream II.

We'll end up on the knife edge of nuclear armageddon. Hopefully we'll survive, but the odds aren't good.