For a first it, means that Cardinal Giuliano della Rovere (OTL Pope Julius II) dies without rendering it impossible for the Borgias to retain their power over the Papal States.
Although, it will be a shame to miss the speech he gave on the day of his election, in which he declared
Pope Julius II said:
"I will not live in the same rooms as the Borgias lived. Alexander VI desecrated the Holy Church as none before. He usurped the papal power by the devil's aid, and I forbid under the pain of excommunication anyone to speak or think of Borgia again. His name and memory must be forgotten. It must be crossed out of every document and memorial. His reign must be obliterated. All paintings made of the Borgias or for them must be covered over with black crepe. All the tombs of the Borgias must be opened and their bodies sent back to where they belong - to Spain."
As for Cesare Borgia, who had been groomed from a young age (being Bishop of Pamplona at 15 and a cardinal at 18) I would wonder if Louis XII of France, would suggest to Pope Pius III, that he should give Cesare, a second chance at being a Cardinal, since on 17 August 1498, when Cesare became the first person in history to resign the cardinalate.
With Cardinal Borgia, by the side of Pope Pius, he would act as a regent to the pope while he is suffering with his gout.