With the benefit of hindsight, the first thing I would like to change is the location and method. Instead of the Versailles Treaty, it would be the Strasbourg/Strassburg Conference.
a) Lorraine is to be given to France, a plebiscite is to be held to determine the future of Elsass/Alsace on continued union with Germany or annexation to France.
b) Other plebiscites are to be held at the following areas: Schleswig, Tyrol, Istria.
c) Czechoslovakia is to become a federal state, with equal rights given to Sudeten Germans, Slovaks, Ruthenes as the Czechs.
d)The Austrian people are free to choose their form of govenment, but is to shoulder primary responsibility for starting the war; and must stay separate from germany for 20 years, after the time period is up, the issue of union is decided through a referendum. Reparation is in the form of 200 million Krones to Serbia/Yugoslavia per year for 20 years.
e) Hungary is to shoulder secondary responsibility and its borders are defined as per OTL Treaty of Trianon for 30 years, any intended revision must wait until the 30 years are up, and in the meantime the border agreement is guaranteed with help from neighbouring nations.
f) Germany is to shoulder tertiary responsibility, and reparations to france is in the form of Togoland, Kamerun and a payment of 5 billion Reichsmarks per year for 10 years. Belgium is given 2.5 billion reichsmarks per year for 15 years. The colonies of Tanganyika and Kaiser Wilhelms Land is given to Great Britain while the Carolines is given to Japan, minor reparation money to China as compensation, along with Shandong. The colony of South West Africa is under South African mandate. The German army is to be reduced to 3/4ths of the French army, the Kriegsmarine reduced in tonnage to half of that of the Royal Navy, and the air force permitted to operate 100 planes total.
g)the League of Nations will administer the following territories for 10 years, after which plebiscites will be held: Danzig-Gdynia, Memel, Saarland, Upper Silesia, City of Rijeka.
h) Most of the province of Posen/Poznan and a strip of land connecting aforementioned province to Danzig-Gdynia is given to Poland.
i) Lithuania is to have port rights at Memel. Poland to have port rights to both Danzig and Gdynia. territorial rearrangements to be made at either nation's request.
j) Rhineland (only) demilitarised. Straits of Bosporus and Dardanelles open to all shipping and the turkish republic do not reserve the rights to close the straits in times of war.
k) former arab lands held by the Ottoman empire to be divided into mandates of the Entente powers. Hejaz comes under british influence.
l) Bulgaria to cede Aegean coastline to Greece.
m)Status of Vilnius/Wilno to be decided through an International Court.
Extraordinary situations:
1. any state within Germany is permitted, in fact, encouraged to form their own type of govenment, be it monarchy or republic. If any state wish to secede, they may do so, with their peoples' consent.
2. The rights of any group in Yugoslavia is to be respected.