The indication given to the viewer (even if not directly stated) is that the Minbari were going to utterly destroy the Human race, or at least render it into a stone-age community with no space travel.
There are a few things which suggest this, some of which I have put here:
Earth President (from a speech inspiring troops at the Battle of the Line): "We have continued to broadcast our surrender and a plea for mercy, and they have not responded. We therefore can only conclude that we stand at the twilight of the Human race.[...] We do not believe survival is a possibility. We believe that anyone who joins this battle, will never come home again.[...] Though Earth may fall, the Human race must have a chance to continue elsewhere."
Londo: "The humans, I think, knew they were doomed. But where another race would surrender to despair, the humans fought back with even greater strength. They made the Minbari fight for every inch of space."
Sinclair: "We never had a chance. You say we could have won, but you weren't there, you didn't see them! When I looked at those ships, I...I didn't just see my death -- I saw the death of the whole damn human race!"
Delenn (essentially giving the order to start the war in the first place after the death of Dukhat): "Follow them back to their bases and kill them, all of them. All of them! No mercy!"
In particular, the final quote there, from Delenn, is most indicative of what the Minbari intended: the council was divided on action (talk, and find out what went wrong; or assume malice, and return the same), and Delenn had the final say, so her command to "kill them all" can be interpreted as a command to the Warrior caste to end the war by death of the Human race.
Also, while not canon, there is a fan-fiction story of Babylon 5 (Alternate Universe) in which the Minbari did not surrender. The story, titled "A Dark Distorted Mirror" (5 parts, somewhere over a million words in all) can be found here