Then again, Spain can't take over France for the reasoning that it would burn their economy having to fight every Lords' Individual army and with the risk of the King forming a new one and crushing the Exhausted and tired Spanish army in France.
That is not realistic with a POD after 1562. The Huguenots simply do not have the resources. They are strong enough to avoid destruction, but can't conquer the entire country. Henri might be able to take Paris by force somehow, but then the Catholic League and Spain would beseige him.