Hi,
True. The best chances to Romania to enter in war on Central Powers are either right in the begining or if France fall.
If Romania enter in war in the beginning, the differences between the Romanian army and other ones (aka Russian) is less evident (well, aside the numbers).
What plagues Romanian army in 1916 campaign are:
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leadership (well this will be hard to fix in quickly manner, but a German mission, same as the OTL French one, could help a lot. See Bulgarians and Ottomans). The worse were the absence of a good quality of low-rank officers and factionalism and politicization of the higher ranks (that were still not so bad). The Romanian soldiers were good in average, reliable and tough.
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strategy: very oriented on bayonet charge. All the armies were plagued with that in 1914... they completely change in 1916 but Romanians learn it only after loosing half of teh Country and 2/3 of the army (well the most casualties were from typhus)...
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lack of heavy artillery and large stocks of shells: well most of the other armies in 1914 do not have yet heavy artillery like in 1916 one + all have limited stoks of shells (a major reason that the ostilities come to a halt in the fall or 1914). Germany could help.
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lack of machine guns: with the exception of Germany, no army had may of these. In 1916 was completely different situation.
- lack of domestically industry of armament: this will not change.
- lack of provisions: well, when the war start and Romania declared neutrality no country agree to sell it anymore. Romania continue to sell oil and grain but for cash. That gold could not buy anything... So, the situation of the army in 1916 was worse than 1914.
All in once, if Romania enter in war in 1914, I strongly believe that the war could be won by Central Powers. Even before entering in war on the side of Antante, Romania practiced a neutrality very favorable to Antante. They sell oil and grain mostly to them... Forbidden the transport of materials and specialist to Turkey but allowing the transport of such to Serbia. Receiving Serbian retreating troops (well, a Serbian division fight in Romanian army), etc.
Perhaps USA will not even get involved at all. Russia will fall quickly and perhaps France will be toasted.
If this happens, we can see Italy join as well on the side of Central Powers. Bulgaria could join even earlier. Germans could link with ottomans and Serbia could be out of game quicker.
Another problem that Romania faced were the lack of reliance from their neighbors allies (neither Russia or Austro-Hungaria wanted a strong Romania and they were even more happy to divide it between them!)
Still, for Romania will not be a winning move. They can recover Bassarabia from Russia (maybe a little more - a.k.a. Trans-Dniest, Odessa) and maybe Timoc valley form Serbia. At maximum they could hope is to buy from Austro-Hungary the Northern Bucovine, but nothing more. No Transylvania, no Banat, no Crisana and Maramures (Partium), all rich and developed regions. That means
No Greater Romania.