Better post WW1 Treaties
I will not tackle the economic punishment, but create borders and polities that are less likely to seek revenge for their defeat.
Germany is able to keep its Emperor. It loses the polish corridor, shleswig and alsace-lorraine. It is able to keep Namibia and Togoland, thus remaining a colonial empire with a limited navy. Instead of Austria joining it, Bavaria which was always hesitant of prussian dominance, is merged with Austria to create a neutral power.
Hungary loses slavonia, most of slovakia, banat and eastern transylvania. They are able to keep some borderlands and transcarpathia, which becomes an autonomy. Romania has to give autonomy to the szekely. This acts as a check, if hungary tries to remove the rusyn autonomy, romania has the right to do the same for the szekelys.
The Ottomans are dissolved to instead become a loose confederation in a swiss-style union. Muslims rhomioi, jews, armenians and all minorities get a say in the new country. A kurdish area is founded, and the europeans create clients in the empire's arab lands instead of trying to invade anatolia.
Bulgaria is able to keep the area around Strumnica, and while it loses its coast, it is still allowed to trade with the world through the city of Alexandroupolis, just like Serbia had the same deal with Salonica.