Could Edward II have salvaged his reign after 1322?

Edward II was at the height of his power in 1322 after defeating the rebel coalitions in the Welsh marches and the northern midlands, including the capture and execution of his cousin Thomas of Lancaster, who was his biggest rival and greatest threat to his thrown. Instead of taking advantage of the situation, he let his greatest supporters, the Despenser family start a reign of terror in his name, did not offer any clemency to the defeated baronial families and alienated his French wife Isabella. Could Edward II have a successful second chapter after 1322 if for example Hugh Despenser the younger was killed in 1321 before he could start his royal extortion racket and drive a wedge between Edward and Isabella or if Edward actually offered the promised pardons to the Mortimer and Lancaster families to help consolation his new power?
 
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