We hit the meat grinder stage of the war about a week in. Both sides just don't want to admit that as it's bad for their own side's propaganda.
As for what happens next, it depends on what Russia can get done in the south/east of Ukraine, and what they can hold onto.
A "brokered peace" would likely be the best possible outcome for Russia at this point, but - given Ukraine isn't in a very compromising mood - the best they might be able to manage is a Korea style armistice between the territory they hold and the rest of Ukraine. Beyond that, as long as NATO countries are willing to supply Ukraine, the longer this drags out the worse it gets for Russia and Putin. Either Putin runs out of available troops and his holdings collapse to the point that Ukraine can possibly retake everything, or he's forced to admit that this isn't a "special operation" but actually a war so he can fully mobilize Russian forces, freely deploy conscripts, shift the country towards a more war footing, etc. He really doesn't want to do that as his people aren't likely to be nearly as supportive of a war once it involves forcing their sons to go off and die for nebulous goals.
The alternative is Russia manages to have massive success in destroying Ukraine's forces in the east and holding onto their positions in the south. If he can run up the butcher's bill for Ukraine enough without running up his own by the same amount or worse, he might be able to force them to compromise and give up some land at the negotiating table. Thought as Russia's already demonstrated in the north, such successes are easier said than done, and if they lose major ground in the south or east, it's going to be a lot harder to pretend it was just a feint.
So yeah. Expect it to continue to be a meat grinder. Russia hasn't come close to losing this war yet, but they're going to have a harder and harder time getting a decent return on investment for the butcher's bill they're paying for it. Or even reaching a point where they can end it gracefully enough to be described as eastern Europe kicking the can down the road for a few years.