I think theres a chance if when Parma raises briefly the blockade of Paris, he kills Navarre in the process.
If Navarre is killed after both Valois and Guise, let's say in 1589, then the heir to the throne is Charles de Bourbon, cardinal of Conti, then Francois de bourbon, prince of Conti, unless I'm mistaken.
I think Phillippe II will be happy with a cardinal on the throne of France.
EDIT / Sorry, I misremembered on two counts.
1) After Charles, the heir in infant Henri de Bourbon ( birth 1588 ), then Francois
2) Charles had actually been recognised as King of france by the league and Spain. After Henry III's death, he was offered the Crown by the aris Parliament, who actually minted coins under his name as Charles X.
So, if Navarre is killed in 1589, Charles X becomes King of France, for a few years ( TL, he died in 1590, here he may get a few more years as he won't be in Prison ), then there is a regency for Henry. Spain is likely to heavily dominate France at this point ( nor good news for England or the dutch ), but France will formally stay independent. Likely Henry will wed a spanish Infanta and the Great Conde will be butterflied away ( or maybe not ).