I really like the discussion here, and thanks for bringing up the fact that Hungary was a substantial power before the Ottomans, I am making a timeline where a lot of history goes differently (PoD is a different Rise of the Mongol Empire and the story takes place in the 1950s) and one specific aspect is that the Republic of Venice ruled over southeastern Europe (owning very little in Italy itself).
The territories that it controlled at its greatest extent were (modern day): Hungary, the former Republic of Yugoslavia, Greece, Turkey, Armenia, Cyprus + Northern Cyprus, and (briefly) Egypt (they invaded Egypt and successful took it but holding it nearly bankrupted the republic, which helped begin their decline, they held onto the territory for less than 40 years).
Is there any time in Hungarian history where they would be in such a sorry state that a merchant republic could realistically take them over circa early 1600s (which would be the Venetian Gold Age ITTL)?
I'll do some research independently but I'd love to here whatever you guys can come up with. Thanks!