In 1871, right around the conclusion of the Franco-Prussian War, the German aristocracy gathered around the palace of Versallies and official crowned Wilhelm I, King of Prussia and President of the North German Confederation, German Emperor.
Originally perfering the title "Emperor of Germany", Wilhelm is quoted to have dismissed the title as "trash" and vocally perfering his original regal position as "King of Prussia".
Bismark, the architect of the coronation ceremony and a Prussia Aristocrat/Junker himself saw the importance of having a conservative regal position to help cement the union of the germanic principalities and territories under Prussian rule. Bismark eventually convinced the king to assume the title.
However my question is this: since Otto himself was awarded the title prince ("Furst") along with Imperial Chancellor after the coronation, what if instead Wilhelm I refused the "German Emperor" title and instead granted Bismark the title "German Furst" at Versaillies as means to satisfy both men's political necessities.
Wilhelm would remain King of Prussia and President of the new German Confederation and Otto would be the leading regal statesmen of the new German Empire instead of chancellor. Possibly a regal "first citizen" of the new Imperial State.
Upon Wilhelm's death in 1888, could we see "Prince Otto" out maneuver the sickly Frederick III to assuming the a German Kaisership De Jure? Would the Prussian aristocracy accept this? What would a Bismarck as Kaiser Germany look like.