I think this can happen, but I am increasingly skeptical if our current posture is sufficient to do that. By that I mean, I think NATO needs to be a lot more aggressive with sanctions and with providing military assistance, and we even need to consider ways to get more directly militarily involved.
I admit that I'm changing my mind on this. At the start of the war, I was hopeful that the unprecedented sanctions would be the shock and awe that would get Putin's attention, but the more I read the writings of former Russian officials' (now exiled) writings and posts about Putin's mindset and the culture he both came from and created around him, the more I am persuaded that, as nutty or scary as it is to escalate with the threat of military intervention, that might counterintuitively be what ultimately forces Putin to back down.
Should this happen, I doubt it Putin would back down because of his having second thoughts and sacrificing himself for the good of the country - "the good of the country" doesn't exist in his mind. Putin *is* Russia as far as he's concerned. Should Putin be pushed back, it would probably be a collective realization among key oligarchs, elite Russian political figures, and key members within the FSB and military that this shit has to stop or there may be another Russian revolution on their hands. There could be defections and attention-whoring generals who suddenly find their conscience and their voice and challenge the status quo in full view of the public, potentially setting of a brutal fight for power among factions. I think that's the disaster scenario on their end.
But I'm not sure this happens with just sanctions because sanctions -- particularly these gradually escalating kind -- give Putin and his thugs time to adapt, time to work around their financial and logistical issues. The way to make Putin feel the heat is to speed up what's happening militarily.