Any ceasefire seems to hinge on a return of all of the eastern territory to Ukraine, including Donetsk and Lugansk, otherwise you have to ask what's in it for them, aside from the obvious end to this barbarous invasion and ensuing brutality on the Ukrainian people.
They will cede Crimea to Russia, along with security guarantees to Russians in Donetsk and Lugansk plus a Ukrainian declaration of neutrality akin to Sweden and Austria. NATO/EU membership has never been feasible.
Aside from the economic and reputational damage to Russia, I think Putin would be very happy with these terms if they materialise. That's what's hard to stomach. In the longer-term Putin's position may be weakened but senior military and security figures will shoulder the blame and consequences, not least personally, that's what they are there for. The Armed Forces may feel they have been sold a pup here, but hard to see any direct consequences for Putin's reign in the short-term. I think he'll reflect on the outcome, if it comes to pass, as a price worth paying.
It makes all of this feel even more utterly senseless. Ukraine will need to swallow a bitter pill to stop this. That is the grim reality and horror of war I guess.