Since the prosecution would not make a plea bargain in a federal case, my attorney suggested doing an open plea under $200,000 for conspiracy wire mail fraud. What usually happens then?
The court [Judge] can / will listen to details presented by both sides - if this has not already happened. Generally your attorney will have stipulated to a set of facts based on a hearing, affidavits, police reports, or other tangible pieces of "evidence."
The court may or may not give the defendant an "indicated sentence" before the defendant pleads if they were to plea "open" to the charges on the information and or charge sheet.
Your attorney will likely have gotten some indication informally from the judge what the judge is likely to do. This "indication" is will likely be better than what the prosecution is asking for - US attorneys can be very aggressive with their sentencing demands. Or, the US attorneys are so far over on the sentencing scale that the judge could not possible hurt you any worse than the US attorneys are trying to.
Please remember that this answer is general and very generic and because I do not know the intimate details of the case I cannot give advice as it related direclty to your case. You have an attorney and should look to them for your ultimate answer.
You should contact your attorney and ask these questions. There are too many variations and nuances to each case, in particular the federal criminal justice system, for others to speculate how your case may be impacted. Trust your attorney.