DBWI: Frederick I had drowned?

What if Frederick I had drown during his near death experiance and his armies never reached the holy land?
 
Well, Philip August and Richard the Lionheart were still there, and they were as able as him to defeat Saladin. The reconquest of the Holy Land would of course have given a lot of prestige to the Plantagenets and/or Capetians, but I doubt the unity of Christendom could have been made around one of them, rather than around the Hohenstaufens.
 
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