WI Philip the Handsome lived?

What if Philip the Handsome lived and succeeded his father Maximilian I as Holy Roman Emperor? Lets have Philip and Joanna of Castile have four more children named: John III of Burgundy (7 Jan. 1509 - 26 Aug. 1576), Maximilian I of Naples, Sicily, and Sardinia (22 March 1510 - 3 Nov. 1571), Margaret of Austria, Queen of England (23 Nov. 1512 - 13 June 1566), and Frederick, Cardinal-Infante (29 April 1514 - 10 Oct. 1582). How would his reign as Emperor be like? Would he try to reform the Empire like his father? Would he be successful? How would his children affect Europe that he didn't have otl? Who would they marry?
 
Rater on the whole HRE.

And the point is : would Castile accept him or successfully revolt ?

It is very well possible, that a compromise would have been reached. Philip would have stepped down once Charles reaches adulthood and can rule over Castille and later also Aragon.

Regarding more Children for Philip and Joanna I'm not sure if it would have been 4 and that they would all reach adulthood, since Philip was 28 when he died IOTL and Joanna was already 27. Though Philip might end up with a number of bastards. OTOH I'm sure that they would have had more children, but IMHO I find 2 more plausible than 4.

Still I wondered about such a POD too. If for instance they wouldn't have had any more children, then this might have lead to a division in which any imperial branch keeps Austria-Burgundy and that a Spanish branch will have Castille-Aragon. Milan could be a wildcard, if it ends up Habsburg; giving it to the imperial branch could make sense, but capturing it would require substantial Spanish support and it could also serve as compensation for the Spanish branch for relinquishing claims on Burgundy.
Another potential extra Habsburg territory is Württemberg, which, if the Habsburgs keep it, would stay with the imperial branch.

More children, especially more sons could make for a more interesting dynamic. However those sons, like the suggested John and Maximilian, could end up as duke of Milan and duke of Württemberg (maybe including Further Austria (though not Tyrol)), though the latter might also be granted the title duke of Swabia too.
 
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