WI Empire of Nicaea stays in Anatolia?

It would be 'fun', although probably politically impossible, to get Trebizond, Nicaea, Epirus and ?Bulgaria? to realize that anyone of them isn't a match for the others combined, and that constant struggle over Constantinople just uses resources they need at hand. So.... They get together, and appoint a non-entity as Emperor, with a 'Senate' (effectively a regency) that each state gets to appoint a number of members to, and the City is to be held by the 'senate'/'council', rather than any of the sub-states. Then each substate can concentrate on building up their own strength and wealth (the better to control more seats in this 'senate'). Federal Empire, anyone?
 
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