We employ the full FENE-P model of the hydrodynamics of a dilute polymer solution to derive a theoretical approach to drag reduction in wall-bounded turbulence. We recapture the results of a recent simplified theory which derived the universal maximum drag reduction (MDR) asymptote, and complement that theory with a discussion of the cross-over from the MDR to the Newtonian plug when the drag reduction saturates. The FENE-P model gives rise to a rather complex theory due to the interaction of the velocity field with the polymeric conformation tensor, making analytic estimates quite taxing. To overcome this we develop the theory in a computer-assisted manner, checking at each point the analytic estimates by direct numerical simulations (DNS) of viscoelastic turbulence in a channel.