In OTL, the treaty of Utrecht gave the Bourbons' candidate Philip IV the Spanish territories in the Americas with the throne of Spain, while the Austrian Hapsburgs received the Spanish territories in Europe.
What if this deal was modified?
Two possibilities for consideration:
1. Complete switch. France gets all of Spain's European possessions, while an Austrian candidate receives Spain and the colonies. Which Austrian, though? It appears the Hapsburgs first idea was to have the future Charles VI take the throne, but by 1713 he is already Emperor. Assuming that the rest of Europe refuses to see him on both thrones, who do the Austrians place on the throne of Spain?
2. Colonies/Europe switch. While Philip V still becomes king, he keep Spain's European possessions. However, all of Spain's colonies go directly to Charles VI.
What would the results of either of these two events taking place be?