Somebody has gamed this out pretty well...
The Fixer, Mr. Cohen is the perfect fall guy... And as deep as Trump is in this do-do he needs one.
And plausible denial.
What is the only question Trump has been asked in two years to which he has given a single word answer without a torrent of verbiage behind it? That's right and it set up the plausible denial that Trump knew about the nefarious activities of Mr. Cohen... He was asked on Air Force One if he knew about Micheal Cohen’s payments to Stormy Daniels, he said “No.” And in one word threw Mr. Cohen under the bus, pointing out the patsy very clearly, while confirming the Limited Hangout… “Yeah, I had Stormy Daniels, heh. heh, heh... So what? And who cares…?!”…
So when Mr. Cohen confesses to being the All Purpose Russian Connection (The aforementioned “overlap”, he got his ticket punched in all the right stations, Felix Sater, Prague, SoHo, Stormy...) and further states that of course he never told his idol, Mr. Trump, anything about his efforts, completely independent you understand, on Mr. Trump's behalf...
Well there you go! Iran-Contra… Who knew?
I'm speculating, of course... But if I was asked, this is what I would have told the President...
You have to come up with a scenario that within the context of the limited hangout (Which, for you younger folks who missed the 1970’s and 80’s, is a partial confession designed to hide the ultimate truth) covers all the bases... If Cohen confesses, with plausible deniability of Trump's knowledge, then Trump will once again do something he's never done before, a version of Reagan's '87 mea culpa, that contains an... Apology... He will fire Sessions for lying to the Senate about his Russian stuff, purge the Justice Dept and throw Flynn and Manafort to the wolves...
And he will be lauded in the Media as finally "Growing into stature in the office"…
If you see James Baker III anywhere near the White House it’s comin’…
Hmmm... Actually... John Bolton, though he is of a decidedly different temperament than the very calm Mr. Baker III, was Mr. Baker III’s eager pupil and protege in the wily ways of Washington…
Limited Hangout: (From Wiki...)
A limited hangout or partial hangout is, according to former special assistant to the Deputy Director of the Central Intelligence Agency Victor Marchetti, "spy jargon for a favorite and frequently used gimmick of the clandestine professionals. When their veil of secrecy is shredded and they can no longer rely on a phony cover story to misinform the public, they resort to admitting—sometimes even volunteering—some of the truth while still managing to withhold the key and damaging facts in the case. The public, however, is usually so intrigued by the new information that it never thinks to pursue the matter further.