No Concordat of Worms

In 1122 the Concordat of Worms resolved the investure controversy by giving kings the right to invest bishops with secular but not sacred authority.
Suppose there is no Concordat of Worms. What happens then?
 
In 1122 the Concordat of Worms resolved the investure controversy by giving kings the right to invest bishops with secular but not sacred authority.
Suppose there is no Concordat of Worms. What happens then?

In all likelihood, the Church and the Empire find more or less some similar solution a little later under a different Pope/Emperor coupling. That struggle was becoming a serious embarrassment for both, and most people who mattered probably realized that. I can't see the two sides working to find a way out, and the lines of the Concordat were pretty much an acceptable compromise for both.
There IS the possibility of the conflict dragging on unresolved, which would weaken both sides significantly. While I am not sure of the consequences, the most likely outcome is that at some point:
1) the emperor manages to settle the matter to his liking, at swordpoint, leading to a lasting compromise with a situation that could be described as Cesaropapism.
2) the Pope manages to settle the matter to his liking. This liking is difficult to see in the long-term, as it is pretty unprecedented AFAIK. I guess in the extreme form it could be described as a "feudal theocracy".
3) there's a territorial "compromise"; in all likelihood, that would entail a practical fragmentation of the Western Church into national "patriarchies" where the Roman Pope is only primus inter pares, but probably politically dominant in most of Italy, with a position parallel and concurrent with the Emperor's one in Germany. Earlier, but far more decentralized, "nation"-states.
 
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