My guess is that Putin will continue to do brutal damage to Ukraine, continually baiting NATO (aka the US) to step in, which will be spun as US intervention in a regional conflict if they take the bait.
If the US (aka NATO) stays out, which they (US) are trying oh so hard to do, then at a certain point in the mindless destruction of Ukraine he will declare victory and pull his forces back to Russia, leaving the Ukranians proudly in control of their decimated country, fully expecting that in no way, shape , or form they will do any sort of counter attack onto Russian soil. Putin will have "won". A weakened Ukraine will be easier for Russia to undermine.
The domestic situation is under "control", the continued (I assume) sanctions on Russia for their bad behavior will be spun as continued US intervention and meddling, relations will at some point return to a bit of normalcy between many of the regional nations, because :oil and gas. There will be a huge outpouring of aid to help re-build Ukraine and much outrage about Russia's actions, and it will fundamentally change the relationship between the US and especially the UK in regards to offshore money laundering and Russian (and others) corruption. At least I hope that last part happens.
We're watching domestic violence, essentially, Putin is the abuser. But no one is willing to step in and make him stop, everyone is waiting for him to stop on his own. Which he will do as he has no other option, but apparently not until he's had his fill.
It's fucked up. Reading Kamil Galeev (linked to upthread) has convinced me that Putin is essentially a gangster, and in that view his actions make a certain sense, but that they are badly failing at executing the plan because of poor management and corruption. Unfortunately, internally Putin has weakened any rivals, and the current crackdown is likely pushing many opponents to leave the country (if they're not arrested) while increasing the power of his supporters because of nationalism.