Although mutiple sources have already quoted DOJ reaching a DPA, I still want to answer this.Meng's guilty plea is the only logical way this saga will end.
A guilty plea is the worst outcome for China. It basically confirms USA's jurisdiction over an action of a Chinese citizen conducted on Chinese soil relating to a company (HSBC) operating on China's territory under Chinese jurisdiction. That is extraterrestrial jurisdiction of the time between 1850 and 1949. There is no way that Chinese state is going to accept that or allow Meng to personally accept that kind of deal.
Apparently under DPA, Meng did not confess anything. A DPA instead of "guilty plea" is the only face saving move by the US. Otherwise, US may loose more face when Canada just releases Meng dismissing USA's extradition request.The US is not going to release her without some kind of confession - it's a face saving move for the US.
I suspect that Canada put a lot of pressure on Biden to accept whatever Meng (China) is willing to offer. Canada has obligation to the extradition agreement with US, but US is also obliged to proceed the process long time ago, but it did not. On this ground Canada can just release Meng long ago. Actually, someone argued that Canada can do that by an administrative decree from the PM or Justice minister without breaking the agreement with US early on.
the two Michaels from Canada gets to go home.
They will go home eventually. I think their sentences would be reduced by their plea for clemency. This would be motivation for Canada to press US. China's standing point is not to have two Canadians rotting in Chinese prison, but to convict them for their crime.