The scenario here is that Germany, as an unified empire, never arises in the 1860's or 1870's, thus preserving french domination over western Europe. Napoleon III's France manages to retain Alsace-Lorraine and perhaps annex the Saarland and Luxembourg.
So, i ask: which colonies will the SFE desire? How differently will french expansion across the Sahara and Sahel play out? What happens to Indochina, and will the french seek out more asian colonies?
I could imagine the french purchasing the Philippines from the spanish.