Just read up a lot of Hitler's mindset and his offer in 1940.
ok, he wanted Britain out of the fight, first and foremost. So there is a catch, - would there have been a deal? What Hitler would have wanted is probably the UK releasing the Navy blockade, and possibly entrance to the Med.
The USSR was giving Hitler some concern, so he belived a conflict to be inevitable. He knew the USSR wasn't ready to go yet, so he wanted the speedy-deal.
On a meeting between the German High-command and Molotov, these thoughts were manifested when Molotov gave out the USSR interest for Denmark (to get a good access to the Atlantic) as well as the med.
The Germans were planning other things as well regarding the med, - catching Atlantic islands as well as Gibraltar, so the Mediterranian seems to have been on the maps.
That seems logical, for one reason, - access to the Black sea, which would have unleashed an enormous transport capacity for Ucraine for instance.
BTW, in 1940, Hitler wanted with all means to avoid a conflict with the USA, and the lend-lease pact (USA-UK), passed through the senate by a margin, and did not have much effect before Hitler was at war with the USSR.
Some high leaders, notably Raeder were very sceptic on a two front war, - something that German leaders usually tried to avoid.
Anyway, being just a seize-fire, or something more, - that's tricky
IMHO it's enormously interesting to try and set your mind into the pðlanning on both sides.
I guess I'll work from an armistice in July 1940 with negotiations on naval matters vs release of western territory. In Hitler's chair I'd have played that card and in the other chair as well.
More thoughts?