I think perhaps if Alexander VI isn't elected, the possibility might exist. But then also included on the list would be the Sforza of Pesaro, the Riario of Imola and Forli; among others. Cesare Borgia, and Julius II kinda knocked the stuffing out of the Romagna lords in their efforts to reconquer the Patrimony of St. Peter's.
Also, Borgia was regarded by the populace as a "vast improvement" on the bishops and squabbling lords like the factious Malatesta, the poisoner Manfredi or the blood-soaked Baglioni.
Although, the Bentivoglios are interesting because they had connections by marriage to the Sforzas, the Gonzagas and the d'Estes - as well as political ties to the Medici and the Republic of Venice. Perhaps a "duchy of Bologna" outside of the Papal States is possible, but the Medici, della Rovere and Farnese definitely benefited from having relatives in the chair of St. Peter's.