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Friedrich III, duke of Austria (son of the murdered King Albrecht) was elected anti-king of Germany in 1314 with a majority of 4 of the seven votes. However the election was contested by nearly everyone. While the three votes which Ludwig IV of Bavaria had scored were UNCONTESTED.

This resulted in some awkwardness/warfare between the Habsburgs and Wittelsbachs which only ended with the Treaty of Ulm (1326) wherein Ludwig agreed to "share" rule of the empire with Friedrich. When Friedrich's brother, Leopold, died and Friedrich returned to Austria where he himself died in 1330. And the imperial election was a Luxemburg-Wittelsbach show for the rest of the century.

Now, Friedrich had had a son, (also called Friedrich) in 1316. However, the boy died in 1322 (I can't find a cause of death though). So what if that boy had lived? Would he throw his hat in the ring after Ludwig IV dies (Friedrich Jnr would be 31yo by 1347)? Try to be elected emperor? And for personality's sake, his mother (Isabella of Aragon) is described as ambitious, so let's say that Friedrich Jnr is likewise ambitious (because let's face it, his dad would be absent for a reasonably long while in his formative years).
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