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The NANOGrav Collaboration reported strong Bayesian evidence for a common-spectrum stochastic process in its 12.5-yr pulsar timing array dataset, with median characteristic strain amplitude at periods of a year of $A_{\rm yr} = 1.92^{+0.75}_{-0.55} \times 10^{-15}$. However, evidence for the quadrupolar Hellings \& Downs interpulsar correlations, which are characteristic of gravitational wave signals, was not yet significant. We emulate and extend the NANOGrav dataset, injecting a wide range of stochastic gravitational wave background (GWB) signals that encompass a variety of amplitudes and spectral shapes, and quantify three key milestones: (I) Given the amplitude measured in the 12.5 yr analysis and assuming this signal is a GWB, we expect to accumulate robust evidence of an interpulsar-correlated GWB signal with 15--17 yrs of data, i.e., an additional 2--5 yrs from the 12.5 yr dataset; (II) At the initial detection, we expect a fractional uncertainty of $40\%$ on the power-law strain spectrum slope, which is sufficient to distinguish a GWB of supermassive black-hole binary origin from some models predicting more exotic origins;(III) Similarly, the measured GWB amplitude will have an uncertainty of $44\%$ upon initial detection, allowing us to arbitrate between some population models of supermassive black-hole binaries. In addition, power-law models are distinguishable from those having low-frequency spectral turnovers once 20~yrs of data are reached. Even though our study is based on the NANOGrav data, we also derive relations that allow for a generalization to other pulsar-timing array datasets. Most notably, by combining the data of individual arrays into the International Pulsar Timing Array, all of these milestones can be reached significantly earlier.