@DarthShizNit:
It’s not exactly like Italy was will likely have the power to just burst out into the world and kill everything, if anything they’re more of a minor major power, they’ll probably have super low income, just enough to pump out some infantry each turn (AH should only be slightly better).
Yes, I would put Italy in the 2nd rank of nations with Austria-Hungary.
Russia is something of a hybrid; a first rank power due to size and population, but industrially at the same level as I and A-H.
Nevertheless, these three did have the industrial capability to produce the latest weapons:
Russia and Italy both started the war with bombers, unlike the first rank powers; Austria was a leader in Artillery production.
Turkey has to be in the 3rd rank with the likes of Haiti. No industrial base whatever, totally reliant on imports for modern weapons. It didn’t even raise as many fighting troops as Bulgaria.
So, Italy joining CP shouldn’t be too difficult to balance. It might bring America into the war earlier; Allies get an income boost by not having to bribe Italy; CP has to pay income to bribe successfully; a weak Italy might even prove a back-door for the Allies to attack Austria, whereas a neutral Italy is a barrier protecting the Central Powers (remember the Allies cannot attack neutrals).