Putin is certainly playing a high risk game here, as one of the few viable options NATO can consider is to eliminate him and hope that the replacement will end the misadventure.
Another high risk option NATO has is to declare a vital interest and go into Ukraine to make further Russian advances virtually impossible (without resorting to nuclear options which itself would not guarantee any good results for Russia).
I am saying this more from the perspective of analysis than personal preference. I look at the options now available and see nothing but bad outcomes. The main mistake our side made was not to talk more openly with Putin in 2021 about his concerns. That failure led to the current disastrous situation.
Some people in Russia are no doubt going to figure out that liquidating Putin is a good move for them. Whether they have the means, or the cojones, to carry this out, remains to be seen. I think it is at least a 50-50 proposition that Putin does not survive the next six months (there is of course the medical factor but I think that is over-rated).
Hope it doesn't come to that - since it likely implies that NATO would not allow the Ukrainians to liberate their Russian-occupied territory.
This would mean yet another "Frozen Conflict Zone" in Europe - which would be very much to Putin's liking.
Regards,