I think Obama/Kerry are going to be shocked when they learn of the ‘deal’ Putin called to offer.
I think Putin’s deal is a federalization plan and new constitution. Germany is already on board with the federalization plan. It will be very humiliating for Obama/Kerry to accept this plan, but the other EU countries who depend on Russian gas will agree to it. They don’t want Russian troops in Ukraine.
Partition of Ukraine and/or a demilitarized land corridor from Russia to Crimea.