In OTL
Frederick III of Saxony had been chosen but declined the honor. There was also serious candidacy of Francis I and less serious of Henry VIII so Wittelsbach may not even be a candidate and sovereignty over the Netherlands is not necessarily help: the provinces are not under any obligation to finance adventures like this one. OTOH, if Max is elected in 1489 as a successor to his father (who was still alive) perhaps Hapsburg can be elected based upon similar principle (as a grandson of the emperor) even without him ruling the Netherlands?