He doesn't seem to have the resources (or troops) just for Ukraine, so it would be surprising if he opened a new front in Georgia. Abandoning the Ukraine invasion seems very unlikely given the optics.
I think more likely scenarios are:
- allying with nearby dictators to boost his military and sphere of influence (already happening with China)
- starting to use tactical nukes
- "soft annexing" nearby territories by pushing pro-Putin candidates (similar to what the US did in Central/South America in the 20th century)
He really needs to find a cheap source of military hardware, because his biggest political liability at home is sending more Russians to die. China may end up helping with both.