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In 476 the Roman Senate sent an envoy to present the Imperial Insignia to Zeno after his restoration as Eastern Roman Emperor. This was to see if Zeno would accept the position of Sole Emperor of the Romans.

What if he had accepted this offer, and placed Odoacer (and later Theodoric) as Exarchs in Italia, whilst taking Dalmatia for himself? Could he had begun the recreation of the Western Empire as a series of Exarchates, tying them to the Roman Empire, and even into the administration proper, by providing an annual tithe, or an army when required?

The end result being that Rome may be in the Exarchate of Italia, ruled by Goths. Perhaps with a title akin to King, or Despotes, or Prince to keep them satisfied. This later being expanded to create a Exarchate of Africa, the result of a reconquest, being Roman, or Berber, so on and so on.

Furthermore, if this can be achieved in the west, could this system of Exarchates be a premise for future expansion? Exarchate of Mesopotamia, or Dacia come to mind. Sure the Empire isn't the same as Augustus, but it could be a way to turn disaster into success for the Roman Empire. Especially if it means that the Gothic Wars can be avoided.
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