It's possible.
We all know though that it's unlikely that Zelensky and his boys will settle for that.
They'll be looking to take back that territory for sure. This is where it gets tricky. If Zelensky and the west just accept it, that gives Putin more power and bigger balls. The more he gets away with, the more he will attempt for sure.
His ultimate aim is to take back all territories that belonged to the "Soviet Union".
Where does the west draw the line?
Do they let him and risk a never-ending push for power from him, or do they stop him?
I think it's clear that sanctions are never going to work.
Backing Ukraine with weapons is eventually going to become more and more difficult, how fast can other nations produce/provide more and more?
Then you have the Chinese, who will merely use Russia as a pawn. They want more too. They want what they consider their own territories back.
Very ominous, and probably very drawn out. You can only hope that nukes don't start flying as, if they do, little old blighty is probably going first.