Same as the other thread, but most think that there be a Personal Union between Spain and France. But Philip V is the younger son of Louis XV's father, so if Philip V will not be barred from the French throne, and if everything else happens exactly the same...
The Personal Union would happen in...
1883
Since the senior French Line only ended in 1883 with the death of Henry, Count of Chambord, and by that time, the Spanish senior line was ousted in favor of the junior line as a result of Isabella's succession, and the French Monarch would be overthrown too.
Or it could happen in 1936 when Alfonso XIII became the senior capetian. But by the time, he was already overthrown...
Seriously, a decisive French victory in the Spanish Succession War would mean that the Southern Netherlands remain Spanish, or would be annexed by France, and Naples and Sicily remaining part of the Spanish crown.
And a Bourbon Family Alliance.
Unless Louis XV dies without heirs, that's it!
What would be the implications of the Southern Netherlands becoming French or remaining Spanish, or Naples, Milan and Sicily remaining part of the Spanish crown as a result of a decisive French victory in the Spanish Succession War?